Red Lobster Closures
Red Lobster has closed 100 locations in the US, with auctions for kitchen items and furniture. The closure comes after the company lost $11 million due to an all-you-can-eat shrimp promotion. ThaiUnion, a Thailand-based company, bought a stake in Red Lobster in 2020 but later announced its exit from the company in January 2024.
Key Points
- Red Lobster closed 100 locations in the US
- Loss of $11 million due to all-you-can-eat shrimp promotion
- ThaiUnion exits Red Lobster with $530 million loss