Red Lobster announces nearly 100 locations will be shut down
Red Lobster announces, nearly 100 locations , will be shut sown.Approximately 99 Red Lobster locations will be auctioned off as the seafood chain faces questions regarding the company's long-term future.Founder and CEO of the liquidation firm TAGeX Brands, Neal Sherman, said in a May 13 LinkedIn post he would lead the closure of more than 50 locations.On May 14, Restaurant Business Magazine reported a total of 99 locations would close, representing about 15% of the company's 700 locations. .The largest seafood restaurant in the U.S. has struggled with debt, unfavorable leases and executive turnover.The chain's troubles also stem from ill-advised strategies, like an all-you-can-eat-shrimp promotion that resulted in a significant loss