Red Lobster Considers Filing For Bankruptcy

The decision comes amid hard financial times for the restaurant which reportedly lost $12.5 million in operations last year.

One well known restaurant is considering filing for bankruptcy.

Red Lobster is considering filing Chapter 11 amid growing debt.

The eatery has reportedly been struggling to make money with their current leases and labor costs.

Red Lobster has not made a final decision yet, but noted that it would help the business continue to operate while they figure out their next steps.

Future business could include renegotiating some leases and removing contracts.

Discussions are being held to figure out how to restructure to cut costs.

The decision comes amid hard financial times for the restaurant which reportedly lost $12.5 million in operations last year.