Bankruptcy filing made by Red Lobster.

• Red Lobster is seeking to reduce its size and find a buyer while in the process of filing for bankruptcy, the company announced in a statement.
• Last month, CNBC reported that the seafood chain was looking for a buyer due to its heavy debt and long-term leases.

Red Lobster is seeking to reduce its size and find a buyer through the bankruptcy process, as stated by the company.

Last month, CNBC reported that the seafood chain was seeking a buyer due to significant debt and long-term leases. The company recently appointed Jonathan Tibus, a managing partner with advisory firm Alvarez & Marsal, as its CEO.

"Red Lobster's restructuring is the best way forward, according to Tibus, who stated this on Sunday. This approach will enable the company to tackle financial and operational issues and come out stronger, with a renewed focus on growth. The support of lenders and vendors will help speed up the sale process while keeping the company's employees and guests in mind."

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