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  • The Oklahoman

    Three Oklahoma Red Lobster locations closed as part of bankruptcy filing

    By JaNae Williams, The Oklahoman,

    22 days ago
    https://img.particlenews.com/image.php?url=24xUDb_0tExNrL300

    Oklahoma was unable to escape the recent rash of bankruptcy-related Red Lobster closures unscathed.

    Three Oklahoma locations were recently shuttered among a list of 87 included on the Red Lobster website listed initially as "temporarily closed," including one Oklahoma City location. The websites for the Oklahoma locations currently say closed, with no indication of the status being temporary.

    Equipment from the Lawton, Oklahoma, location was listed for sale along with that from 47 other stores across the country on an online restaurant liquidator. The company, TAGeX Brands, sold the contents of the restaurants "winner takes all" to those who bid on the locations.

    Oklahoma Red Lobster closures

    Oklahoma City - 4243 NW Expressway

    Lawton - 3112 NW Cache Road

    Stillwater - 102 E Hall of Fame Ave.

    A full list of restaurant closures throughout the nation is available, here.

    What led to Red Lobster closures?

    Red Lobster filed for Chapter 11 bankruptcy in Florida in proceedings that will see the company sell "substantially all of its assets [... ] to an entity formed and controlled by its existing term lenders," according to a statement issued by the company Sunday.

    “This restructuring is the best path forward for Red Lobster. It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth," said company CEO Jonathan Tibus in the statement. "The support we’ve received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests.”

    Additionally, in 2023 Red Lobster's "Ultimate Endless Shrimp" deal became more popular than expected, inadvertently becoming a key factor in a $11 million loss in the third quarter.

    The limited-time promotional deal, in which guests picked two types of shrimp to enjoy nonstop for $20, landed a permanent spot on Red Lobster menus in June. Red Lobster's parent company, Thai Union Group, said in November 2023 that the chain was headed toward a $20 million loss for 2023. Now the endless shrimp deal costs $25.

    Contributing: Gabe Hauari and Chris Sims, USA TODAY NETWORK

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