Red Lobster just filed for bankruptcy — but it's not going to disappear
A Red Lobster restaurant in California.
Justin Sullivan/Getty Images
- Red Lobster has filed for Chapter 11 bankruptcy.
- The troubled chain said its restaurants will remain open and operating during the process.
- The bankruptcy comes after losses piled up due to a $20 endless shrimp promotion.
Red Lobster has filed for Chapter 11 bankruptcy, the seafood restaurant chain announced in a statement on Sunday.
It comes after last week's decision to close more than 50 locations.
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