– Red Lobster superfans wanted to buy sentimental items from closing locations, including favorite tables
– The company filed for Chapter 11 bankruptcy due in part to the costs of its endless-shrimp promotion
– TAGeX Brands auctioned off equipment from 52 closed locations, with winners taking all items at each location
Red Lobster superfans were eager to obtain sentimental items from the restaurant chain before many locations closed permanently. Some fans wanted to purchase their favorite tables before they were removed from stores, leading to auctions of all items inside the locations. Unfortunately, on Monday, the company filed for Chapter 11 bankruptcy partly due to the cost of their iconic endless-shrimp promotion.
As a result of the closures, Red Lobster hired a liquidation company, TAGeX Brands, to auction off the contents of 52 locations. Rather than piece by piece, the auctions were held as one deal per location, with only wholesalers of used equipment and restaurant operators participating. Many superfans tried to acquire items of sentimental value, such as tables where important memories were made, but were ultimately advised against it due to the bulk of equipment.
TAGeX Brands’ CEO Neal Sherman noted that there was more interest in the auctions than expected, with each location receiving between 12 and 25 unique bidders. The sold contents of each location ranged from $10,000 to $35,000 and included equipment like refrigerators, furniture, and even fish tanks. Winners were not given perishable items or small items like salt and pepper shakers, which were redistributed by Red Lobster.
Sherman was surprised by the passion fans had for Red Lobster, leading to a large number of visitors to the auction website. The winning bidders had just one day to remove their items from the now-closed locations. Sherman noted that people’s passion for Red Lobster was unique and even joked about trying the famous biscuits to see what the fuss was all about.