37. Red Lobster

How Many Stores Closing: 13 From 2021-2023 

Current Value of the Business: $2.6 billion* (Annual Revenue, 2018)

Since its inception in 1968, Red Lobster has catered to seafood lovers with its famous cheddar bay biscuits, shrimp platters, and lobster at economical prices. However, recent years have seen the once thriving chain face significant hardships.

Red Lobster’s global presence, once boasting about seven hundred restaurants, has seen a concerning decline, with closures reaching five locations in 2021 and further eight in the next two years, highlighting its struggle to sustain its once vast empire.