RED LOBSTER: Files for Bankruptcy

The announcement was expected as the seafood chain has already closed 99 locations.

Photo: Bloomberg

Red Lobster announced Sunday night that the seafood chain has has filed for voluntary Chapter 11 bankruptcy.

The announcement has been expected since the company said it was closing about 99 locations across the country. The remaining locations will remain open during the bankruptcy process. Red Lobster was founded in 1968 and has grown into the country's largest seafood restaurant chain. At one point it had 700 restaurants nationwide. (NBC News)


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