Red Lobster files for Chapter 11 bankruptcy protection

Red Lobster, a nationwide restaurant chain known for its affordable seafood and cheddar bay biscuits, said late Sunday that it has filed for Chapter 11 bankruptcy protection.

In a statement, Red Lobster said it plans to sell "substantially all" of its assets. The company added that its roughly 650 restaurants will remain open and operating during the bankruptcy process.

"This restructuring is the best path forward for Red Lobster," CEO Jonathan Tibus said in a statement. "It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth. The support we've received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests."