{"id":50387,"date":"2024-05-14T16:17:12","date_gmt":"2024-05-14T16:17:12","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/14\/dozens-of-red-lobster-restaurants-are-auctioning-off-equipment\/"},"modified":"2024-05-14T16:17:12","modified_gmt":"2024-05-14T16:17:12","slug":"dozens-of-red-lobster-restaurants-are-auctioning-off-equipment","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/05\/14\/dozens-of-red-lobster-restaurants-are-auctioning-off-equipment\/","title":{"rendered":"Dozens of Red Lobster Restaurants Are Auctioning Off Equipment"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1050\" height=\"550\" src=\"https:\/\/i2.wp.com\/static01.nyt.com\/images\/2024\/05\/14\/multimedia\/glbj\/glbj-facebookJumbo.jpg?resize=1050,550&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Dozens of Red Lobster Restaurants Are Auctioning Off Equipment\" title=\"Dozens of Red Lobster Restaurants Are Auctioning Off Equipment\" \/><\/div><p> <br \/>\n<\/p>\n<div>\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">If you ever wanted to buy a lobster tank and an industrial freezer, now is the time.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Equipment from more than 50 Red Lobster restaurants across the United States was up for auction on Tuesday, a liquidator said, as the embattled seafood chain\u2019s website listed dozens of locations as being temporarily closed.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The <a class=\"css-yywogo\" href=\"https:\/\/www.tagexbrands.com\/red-lobster\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">auction site<\/a> includes grainy pictures of freezers, ovens, blenders and other items. A photo of a tank with live lobsters appeared in the listing for the Red Lobster in Redding, Calif., along with photos of a bar with whiskey bottles and a refrigerator stocked with wine and beer.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The auctions were scheduled to end on Thursday, and items must be picked up on Friday, according to the liquidator, TAGeX Brands. Whoever who wins the bid for a particular restaurant will receive everything inside it (not including perishable goods and alcohol, the auction site noted).<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Red Lobster did not respond to inquiries Tuesday morning. <\/p>\n<p class=\"css-at9mc1 evys1bk0\">Red Lobster, based in Orlando, Fla., <a class=\"css-yywogo\" href=\"https:\/\/www.redlobster.com\/our-story\/our-history\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">opened its first location in 1968<\/a> and now has restaurants across the United States, plus others in Asia and Latin America. Its d\u00e9cor was inspired by Bar Harbor, a coastal town in Maine.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div>\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Red Lobster is still an American institution, but it has been losing money for a while. Last year, its decision to drastically expand an all-you-can-eat shrimp promotion <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2023\/11\/29\/us\/red-lobster-endless-shrimp.html\" title=\"\">contributed to an $11 million quarterly operating loss<\/a>.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Bloomberg News reported last month that Red Lobster was looking to restructure its debt and <a class=\"css-yywogo\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-16\/red-lobster-mulls-filing-for-bankruptcy-to-fix-balance-sheet\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">considering whether to file for bankruptcy<\/a>. The company did not comment for that article.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">For many American families, Red Lobster has long been an aspirational dining choice, and for some an introduction to seafood. In the late 1960s and \u201970s, its logo <a class=\"css-yywogo\" href=\"https:\/\/www.redlobster.com\/logo-evolution\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">advertised the restaurant<\/a> as a cocktail lounge with an oyster bar.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Red Lobster has also filtered into American popular culture, including in the 1996 Adam Sandler comedy \u201c<a class=\"css-yywogo\" href=\"https:\/\/archive.nytimes.com\/www.nytimes.com\/library\/filmarchive\/happy_gilmore.html\" title=\"\">Happy Gilmore<\/a>\u201d and the 2016 Beyonc\u00e9 song \u201c<a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2016\/02\/07\/arts\/music\/beyonce-formation-super-bowl-video.html\" title=\"\">Formation<\/a>,\u201d in which she sang about taking a romantic partner to the restaurant.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">General Mills <a class=\"css-yywogo\" href=\"https:\/\/www.generalmills.com\/about-us\/our-history\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">purchased<\/a> the chain in 1970. It was later owned by Darden Restaurants, a General Mills subsidiary, and was purchased by Golden Gate Capital, a private equity firm, in 2014.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div>\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Red Lobster\u2019s largest shareholder since 2020 has been Thai Union Group, a seafood conglomerate based in Thailand. That company announced in January that it had <a class=\"css-yywogo\" href=\"https:\/\/www.thaiunion.com\/en\/newsroom\/press-release\/1675\/thai-union-group-announces-intention-to-pursue-exit-of-minority-investment-in-red-lobster\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">decided to exit<\/a> its Red Lobster investment. It later said that it had written down its $530 million stake.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Thai Union said in its January announcement that Red Lobster had been hurt by the coronavirus pandemic, higher interest rates, rising labor and material costs, and \u201csustained industry headwinds.\u201d It said in a brief email on Tuesday that it was still in the process of \u201cexiting its minority investment\u201d and had no further comment.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Another major shareholder in Red Lobster is Seafood Alliance, a Belgium-based association of international seafood businesses, <a class=\"css-yywogo\" href=\"https:\/\/investor.thaiunion.com\/company_webcast.html\/year\/2024\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">according to Thai Union<\/a>. Seafood Alliance did not immediately respond to an inquiry.<\/p>\n<p class=\"css-798hid etfikam0\">Victor Mather contributed reporting.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2024\/05\/14\/business\/red-lobster-closing.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you ever wanted to buy a lobster tank and an industrial freezer, now is the time. Equipment from more than 50 Red Lobster restaurants across the United States was up for auction on Tuesday, a liquidator said, as the embattled seafood chain\u2019s website listed dozens of locations as being temporarily closed. The auction site [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static01.nyt.com\/images\/2024\/05\/14\/multimedia\/glbj\/glbj-facebookJumbo.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[50517,9482,13031,50516,1854,1796],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/50387"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=50387"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/50387\/revisions"}],"predecessor-version":[{"id":50389,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/50387\/revisions\/50389"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/50388"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=50387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=50387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=50387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}