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00:02Red Lobster is closing its oldest continuously operating restaurant,
00:06located in Tallahassee, Florida, on May 24th, according to USA Today.
00:12The location opened in 1970 and survived the chain's mass closures,
00:17following its Chapter 11 bankruptcy filing in May 2024, which shuttered 130 stores.
00:23The seafood chain even hosted a grand reopening in October 2024 with new menu offerings.
00:29The closure is part of the company's ongoing restructuring.
00:33CEO Damola Ademolekun, who took the role in August 2024,
00:38previously told the Wall Street Journal that more closures may be necessary.
00:42Red Lobster now operates about 460 locations across 44 states, roughly 20 fewer than in February.
00:49The chain posted a $76 million net loss in 2023.
00:53For all things money, visit Benzinga.com.
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