Red Lobster seeks bankruptcy protection days after closing dozens of restaurants

By MICHELLE CHAPMAN and DEE-ANN DURBIN
AP Business Writers

Red Lobster, the casual dining chain that brought seafood to the masses with inventions like popcorn shrimp and “endless” seafood deals, has filed for Chapter 11 bankruptcy protection. The 56-year-old chain has been struggling in recent years with rising lease and labor costs, increased competition and changing customer tastes. The seafood restaurant chain said in a court filing late Sunday that it has more than 100,000 creditors and estimated assets between $1 billion and $10 billion. The company’s estimated liabilities are between $1 billion and $10 billion.