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Red Lobster files for bankruptcy

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Seafood restaurant chain Red Lobster has filed for Chapter 11 bankruptcy.

“This restructuring is the best path forward for Red Lobster. It allows us to address several financial and operational challenges and emerge stronger and refocused on our growth,” said Red Lobster CEO Jonathan Tibus.

Through bankruptcy proceedings, Red Lobster intends to simplify its operations, close restaurants and pursue a sale.

Read more from The Associated Press.

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