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Red Lobster is quickly closing at least 48 of its restaurants across 21 states, according to a company that helps companies liquidate restaurant equipment.

Neal Sherman, the CEO of TAGeX Brands, said in a LinkedIn post Monday that his company is helping Red Lobster. The equipment is being auctioned off and the auction ends on Thursday, Sherman said.

The store closures come as many Wall Street analyst suspect the restaurant will declare bankruptcy in coming weeks.

The rumblings of a Red Lobster bankruptcy began this spring when in March the company tapped Jonathan Tibus as its new chief executive. Tibus is a managing partner at advisory firm Alvarez & Marsal and is known for restructuring corporate entities. As recent as last month, Red Lobster sought a buyer in hopes the company could avoid bankruptcy, CNBC reported.

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