After recently announcing the closure of over 12 restaurants across multiple locations in the United States, Red Lobster is anticipated to file for bankruptcy as early as next week, according to a report. A $20 "endless prawn" offer that proved surprisingly popular with customers and apparently cost the struggling seafood restaurant company millions of dollars last year caused major financial harm to the business. Around 20 states, including Colorado, California, Maryland, Texas, and Florida, where the chain's headquarters are located, are anticipated to see restaurant closures. According to reports, the food chain is preparing to file for Chapter 11 bankruptcy in Orlando, Florida, on May 27, Memorial Day. Subway, US-Based Iconic Global Sandwich Chain, Heading for Sale With Valuation Over $10 Billion?

Red Lobster to File for Bankruptcy

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