Red Lobster is closing dozens of restaurants and auctioning off furniture, equipment

Red Lobster is closing at least 48 of its locations across the U.S., including significant numbers in California and Florida. The closures have led to an auction of the restaurants' contents, managed by TAGeX Brands, where each winning bidder will acquire all equipment and furniture from a specific location.

The chain has faced financial challenges recently, with reports in April suggesting potential bankruptcy considerations. The closures and auctions follow a period of executive turnover and financial losses, exacerbated by promotional strategies like the "Ultimate Endless Shrimp" deal, which significantly impacted profits.