Multiple restaurants closed: Red Lobster files for bankruptcy protection

 

US seafood and casual dining chain Red Lobster has filed for Chapter 11 bankruptcy protection after closing several US restaurant locations. The company said it is working with vendors to ensure operations are not affected and has received $100 million in debt-in-possession from current lenders.

Red Lobster said it will use the process to narrow down locations and search for potential buyers. The Florida-based chain is filing for bankruptcy protection after closing dozens of U.S. restaurants last week.