Red Lobster, America's largest seafood chain known for its shrimp and Cheddar Bay biscuits, has filed for （1. bankrupcy ）.
Its seafood restaurants are in （2. deep ）water after a series of bad choices by a parade of executives, including an （3. ill ）-fated promotion for all-you-can-eat-shrimp starting at $20.
Almost 580 locations in the U.S. and Canada are expected to stay open through the process, employing about 36,000 workers. Last week, dozens of other Red Lobster locations closed abruptly. Their entire contents — including freezers, ovens, booths and lobster tanks — have already been auctioned （4. off ）.
The （5. for）sale was a precursor to a long-expected bankruptcy filing, in which Red Lobster plans to sell "substantially all of its assets." Since March, the chain has been run by CEO Jonathan Tibus, known as a corporate-restructuring expert.
Red Lobster's troubles include "a difficult macroeconomic environment, a bloated and underperforming restaurant footprint, failed or ill-advised strategic initiatives, and increased competition within the restaurant industry," Tibus wrote in court documents.
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