Red Lobster seeks bankruptcy protection days after closing dozens of restaurants

Casual dining chain Red Lobster has filed for Chapter 11 bankruptcy protection. The 56-year-old chain made the filing late Sunday, days after shuttering dozens of restaurants. Red Lobster brought seafood to the masses with inventions like popcorn shrimp and “endless” seafood deals. But it struggled in recent years with rising costs, increased competition and changing customer tastes. One industry analyst said Monday that the once-thriving chain has been a “slow-moving train wreck" for two decades. Last fall, fall, Red Lobster lost millions of dollars on its “Ultimate Endless Shrimp” promotion, which charged $20 for all-you-can-eat shrimp deal. Red Lobster says its 600 restaurants will continue to operate through the bankruptcy proceedings.