Orlando-based Red Lobster Files For Bankruptcy But Will Stay Open

Red Lobster has filed for Chapter 11 bankruptcy and leaders plan to seek a buyer for the financially troubled seafood chain based in Orlando. The bankruptcy, first reported by Bloomberg, came in U.S. District Court in Orlando and will allow the company to continue operating. In  a news release late Sunday, the company said the plan is to “simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets.” “This restructuring is the best path forward for Red Lobster,” said CEO Jonathan Tibus in the release.