‘Temporarily’ closed? Red Lobster is auctioning everything from MS Coast location
If you’ve ever wanted a lobster tank, now’s your chance.
TageX Brands announced online auctions for more than 50 Red Lobster locations and D’Iberville was on the list. In fact, the Mississippi Coast restaurant was the only location in the state included in the online auction, which ends at 11 a.m. on Thursday. And yes, the inventory list includes the lobster tank.
A sign on the front door says Red Lobster looks forward to serving you in the future, but makes no promises it’ll be at the Promenade Pkwy. location.
“This location is closed. We look forward to serving you at another Red Lobster location in the future,” said the sign posted Monday.
A quick search online lists D’Iberville as “temporarily closed,” but the current online auction means any future D’Iberville Red Lobster will have to start from scratch.
Don’t start clearing space for your lobster tank just yet, though. The tank is part of a “winner takes all” lot.
The winner of the surplus restaurant equipment auction will take everything in the building. The inventory list includes, “high-performance ovens, upright refrigerators and freezers, cooking and warming solutions, and comprehensive bar and dining setups.”
To bid on the contents of your local Red Lobster, register for the auction online. Once registered, the auctioneers will send you instructions for the bidding, which is already underway.
According to TageX Brands, all of the equipment is expected to be cleared out by 3 p.m. Friday.
The auctions and closings are part of a turnaround plan that has been executed and modified several times in the past few years, from cutting staff to replacing executives and hiring a restructuring pro as its newest CEO.
Frozen and chilled seafood business Thai Union bought controlling interest in the seafood chain in 2020. The Bangkok company saw the restaurant bounce back from a dismal 2020 after COVID and even reported a robust first quarter in 2023. More than 40% of the company’s profits came from their North American business interests like Red Lobster, according to industry insiders at Fish Focus.
The company introduced Red Lobster’s first-ever frozen seafood line in grocery stores nationwide and even delivered vegan tuna to the Netherlands.
To continue their momentum and drive in more foot traffic, Thai Union started an Endless Shrimp promotion in June 2023. What once was only a Monday special of all-you-can-eat shrimp, became available every day and at every location.
The promotion drove in the traffic investors wanted to see, but more people did not translate into bigger profits.
“More customers cashed in on $20 bottomless shrimp than Red Lobster was expecting,” said Joe Guszkowski of Restaurant Business. “Traffic rose 4% in the third quarter as a result, but it came at a loss of more than $11 million.”
Thai Union’s plan to turn the company around quickly turned into a projected loss of $20 million. Red Lobster lost $3.3 million in seven weeks, according to CNN.
Red Lobster started shutdowns in 2020, closing four restaurants. The following year, five restaurants closed their doors. Thai Union started January 2023 eight restaurants lighter.
