Economics

• Red Lobster could file for Chapter 11 bankruptcy protection next week, per The Wall Street Journal.
• The restaurant chain, burdened with hundreds of millions in debt, recently shut down 52 stores.
• Red Lobster blamed some of its financial struggles on an all-you-can-eat shrimp promotion.

Restaurant chain Red Lobster could file for bankruptcy protection as early as next week, The Wall Street Journal reported on Tuesday.

People familiar with the matter told the Journal that the company, overwhelmed with hundreds of millions in debt, plans to file a Chapter 11 bankruptcy petition in Orlando before Memorial Day. 

Bloomberg previously reported in April that the restaurant company was considering filing for Chapter 11 bankruptcy protection.