Red Lobster Closes 50 Locations Amid Financial Struggles
The seafood chain is facing bankruptcy after failed promotions and rising costs.
- Red Lobster recently closed 50 restaurants without prior notice to employees.
- The chain's 'Ultimate Endless Shrimp' promotion led to significant financial losses.
- An auction company has been hired to liquidate assets from the closed locations.
- Parent company Thai Union Group is divesting from Red Lobster, citing prolonged financial difficulties.
- Experts attribute the closures to poor management and outdated business models.
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