Red Lobster is considering filing for Chapter 11 bankruptcy to ease financial pressure, according to a report.
The seafood restaurant chain is being advised by lawyers to consider the filing, to put a debt reduction plan into motion according to a report by Bloomberg.
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It would allow the nearly 650 restaurants to continue operating across the country.
The restaurant was founded more than 50 years ago by Bill Darden and Charley Woodsby.
Its parent company is currently the Thai Union Group.