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Fortune
Fortune
Chris Morris

Red Lobster's long-awaited bankruptcy has finally happened

(Credit: Eric Thayer/Bloomberg via Getty Images)

Red Lobster has filed for Chapter 11 bankruptcy.

The struggling seafood chain, late Sunday, announced the filing as well as plans to sell its business to an entity that is controlled by its existing lenders. Restaurants will remain open and continue normal operations, though more than 50 locations were shut down last week.

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