Red Lobster closes multiple locations as company prepares to file for bankruptcy

Red Lobster is preparing to file for bankruptcy and has closed 99 locations across 27 states. This follows a failed promotion and significant financial losses, with the company contacting Tagex Brands for liquidation auctions at 52 locations. The seafood chain's financial struggles were exacerbated by a poorly received "Ultimate Endless Shrimp" promotion, leading to an $11 million loss in the third quarter as reported by their former investor, Thai Union Group.