Red Lobster has filed for voluntary Chapter 11 bankruptcy in Florida, the company confirmed in a statement late Sunday night. The 56-year-old seafood chain — the largest of its kind in the U.S. — said it would “drive operational improvements, simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets as a going concern.” Red Lobster has agreed to sell its business to a new entity wholly owned and controlled by its lenders, a so-called stalking horse arrangement. The company said it had received a $100 million financing commitment from its lenders to fund ongoing operations. The bankruptcy petition lists the business’s assets as worth betwee
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