Red Lobster closings: These Texas locations shutting down as company files for bankruptcy

Chapter 11 bankruptcy is often referred to as “reorganization bankruptcy” and typically allows a business to stay open while it reorganizes funds to pay off existing debt over time.

Red Lobster auction?

TAGeX Brands, a company that helps firms with closures and liquidations, announced on its website that it would be auctioning off equipment from locations in Texas, including Lake Jackson, Longview and San Antonio.

Who owns Red Lobster restaurants?

Golden Gate Capital took over Orlando, Florida-based Red Lobster from Darden Restaurants through a leveraged buyout in 2014. Thai Union owned 25% of the chain before buying Golden Gate’s stake in 2020, according to a report from Yahoo Finance.