Seafood chain Red Lobster is preparing to file for bankruptcy to restructure it’s debt. The news was first reported by the industry site Restaurant Business Online. A new CEO has been installed. The new CEO is experienced in restructuring. Red Lobster is reported to have lost 33 million dollars in 2022, due to more people choosing not to eat out. Last summer, Red Lobster launched an all you can eat $20 shrimp deal. It was very popular with customers, but cost the company over $11 million dollars in one quarter.