Amid concerns about its future, Red Lobster is auctioning off at least 99 of its locations.

Neal Sherman, CEO of TAGeX Brands, announced the closure of over 50 Red Lobster restaurants, with equipment to be auctioned.

Closure locations include Denver, Indianapolis, Rochester, Sacramento, San Antonio, and San Diego.

These closures represent about 15% of the chain’s 700 locations, making it the largest seafood restaurant chain in the U.S.

The company has faced challenges including debt, unfavorable lease terms, executive turnover, and unsuccessful promotions, CNBC has reported.

Reports suggest Red Lobster sought a buyer to avoid bankruptcy, but none have emerged.

Thai Union, the chain’s largest investor, announced plans to exit its position due to sustained industry challenges and financial losses.

Red Lobster has not commented on the situation.

Written by B.C. Begley