"Red Lobster Considers Bankruptcy Amid $11M Losses from Endless Shrimp Promotion"

Red Lobster is considering filing for Chapter 11 bankruptcy to restructure its debts after suffering $11 million in losses from its "Ultimate Endless Shrimp" promotion, which backfired when it attracted too many customers. The seafood restaurant chain's new CEO, Jonathan Tibus, has experience in restructuring businesses through the Chapter 11 process. The chain's key lender, Fortress Investment Group, is involved in current debt negotiations, and its Thailand-based investor, Thai Union Group, has announced it is divesting from the restaurant.