Red Lobster explores Chapter 11 bankruptcy to address financial pressures and restructure.

Seafood chain Red Lobster is reportedly considering a Chapter 11 bankruptcy filing to deal with financial pressures, including burdensome leases and labor costs. The company is consulting with law firm King & Spalding to explore restructuring options, including shedding long-term contracts and renegotiating leases. Red Lobster could continue operating while working on a debt reduction plan if it files for bankruptcy.