ROHNERT PARK, CALIFORNIA – APRIL 17: A sign is posted on the exterior of a Red Lobster restaurant on April 17, 2024 in Rohnert Park, California. Red Lobster is considering filing for Chapter 11 bankruptcy to address rising labor costs and in hopes of renegotiating property leases and long-term contracts. (Photo by Justin Sullivan/Getty Images)
After the closures of dozens of Red Lobster locations were announced, it was revealed Tuesday the Torrance restaurant was among those shuttering the doors.
A web page dedicated to the liquidations showed an internet auction was underway to sell kitchen equipment, restaurant furniture and others from the LA County location on Hawthorne Boulevard.
The firm that’s leading the auction appears to be expediting the process of eliminating items from the Torrance location with the online auction only lasting through Thursday afternoon.
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Neal Sherman, founder and CEO of TAGeX Brands, a liquidation firm, had announced in a post Monday on LinkedIn that he was leading the closure of more than 50 Red Lobster locations, with the restaurants' equipment to be auctioned off.
Then on Tuesday, Restaurant Business Magazine reported 99 locations were closing.
The closures represent about 15% of the company's approximately 700 locations, though it remains the largest seafood restaurant chain in the U.S.
Red Lobster has struggled with a significant debt load, unfavorable lease terms, executive turnover and ill-advised strategies including an all-you-can-eat-shrimp promotion last fall that resulted in a significant loss for the company.
