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Red Lobster, an icon of casual American dining, files for bankruptcy

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In a court filing, the Orlando, Fla.-based company said it has more than 100,000 creditors and between $1 billion and $10 billion in estimated liabilities.

Red Lobster, the seafood chain whose cheddar biscuits and bottomless shrimp specials have long captivated the American palate and pocketbook, filed for Chapter 11 bankruptcy protection Sunday.

For years, Red Lobster, which was founded in 1968 in Lakeland, Fla., was owned by Darden Restaurants, the company that owns Olive Garden and LongHorn Steakhouse. In 2014, Darden sold the chain to Golden Gate Capital, a San Francisco private equity firm, for more than $2 billion. As part of that sale, Red Lobster agreed to spin off its real estate assets in a sale-leaseback transaction, requiring the chain to pay rent for locations it once owned.

 

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