Red Lobster Files for Bankruptcy Amid High Costs

The business estimated that it has more than 100,000 creditors and liabilities to the tune of $1 billion to $10 billion.

A Red Lobster restaurant is seen in this file photo AP Photo/Alan Diaz, File

Seafood restaurant chain Red Lobster filed for bankruptcy on May 19 after struggling with rising costs over the past years and recently shut down dozens of its outlets.

Red Lobster voluntarily filed for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the Middle District of Florida.