Red Lobster files for bankruptcy after dozens of restaurant closures [Video]

Facing rising costs and an all-you-can-eat shrimp deal that backfired, Red Lobster has filed for Chapter 11 bankruptcy protection. 

The seafood restaurant chain said in a court filing late Sunday that it has more than 100,000 creditors and estimated assets between $1 billion and $10 billion, according to the Associated Press. The company’s estimated liabilities are between $1 billion and $10 billion.

The news comes days after the seafood chain closed dozens of U.S. restaurants, including at least five locations in both California and Florida, and four in both Maryland and Colorado. 

The bankruptcy petition was signed by CEO Jonathan Tibus, a corporate restructuring specialist who took the top post at Red Lobster in March.

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Red Lobster closing list

Restaurant liquidator TAGeX Brands announced last week that it would be auctioning off the equipment of over 50 Red Lobster locations that were recently closed. 

The store …