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Red Lobster Closing Locations Amid Financial Struggles
Struggling seafood chain Red Lobster has announced the closure of dozens of restaurants across the country.
The company, which has been struggling with mounting debt and declining sales, has put itself up for sale and is auctioning off at least 99 locations.
The closures are part of a larger restructuring plan as Red Lobster attempts to address its financial problems. The chain has been facing increased competition from other seafood restaurants and has also been impacted by the rising cost of seafood.
In addition to the closures, Red Lobster has also discontinued its popular "Endless Shrimp" deal, which had been a major draw for customers. The company is hoping that the changes will help it to improve its financial performance and avoid bankruptcy.
The closures will affect all regions of the country, but the majority of the impacted restaurants are located in the Midwest and South. A list of the affected locations can be found on Red Lobster's website.
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