Red Lobster reportedly considering filing for bankruptcy protection

(CNN)– Red Lobster is reportedly looking into filing for bankruptcy protection according to Bloomberg.

There are several reasons for that including the cost of its leases and labor.

But the $11 million Red Lobster recently lost on its endless shrimp deal certainly hasn’t helped matters.

Sources say the chain hasn’t decided if it’s going to file chapter 11.

If the company does that’s the type of bankruptcy protection that allows businesses to continue operating while they restructure.