• Red Lobster has filed for Chapter 11 bankruptcy protection, continuing the process to shrink its footprint and find a buyer, the company said in a statement.
  
  
  
• The seafood chain’s CEO blamed “difficult macroeconomic environment, a bloated and underperforming restaurant footprint, failed or ill-advised strategic initiatives, and increased competition.”
  
  
  
• A disastrous “endless shrimp” promotion helped drive the restaurant chain to a net loss last year.
  
  

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