Beleaguered seafood chain Red Lobster is seeking a buyer as it looks to avoid filing for bankruptcy, CNBC has learned.

Red Lobster is seeking to hook a buyer as the struggling seafood chain attempts to avoid bankruptcy, according to a report. The fast-casual chain — known for its cheddar bay biscuits and

Struggling seafood chain Red Lobster is looking for a buyer to avoid bankruptcy. The company has thought about filing for bankruptcy to help deal with its debt and get out of expensive leases. But it’s also been trying to find a buyer recently,

There are 16 red Lobsters in NJ. A bankruptcy does not always mean store closures, though it often does. Joann and Toys R Us emerged from bankruptcy

Red Lobster has reportedly been fishing for a potential buyer as it considers debt restructuring options that include possible Chapter 11 bankruptcy. The struggling seafood chain sought a buyer in recent months, people familiar with the matter told CNBC. A potential buyer was lined up but the deal fell through, the outlet reported.

Red Lobster, the poster child for American seafood, was dragged down by corporate mismanagement, competition and consumer shifts.

Red Lobster, once a seafood haven synonymous with indulgence, finds itself in troubled waters. Recent financial disclosures reveal staggering losses amounting to $11 million in the third quarter alone,