Seafood chain Red Lobster has filed for Chapter 11 bankruptcy protection in Florida.

The company faces over 100,000 creditors and liabilities between $1 billion and $10 billion.

Red Lobster reported a net loss of $76 million in the last fiscal year.

Despite the bankruptcy filing, Red Lobster plans to keep operating its 580 locations in the U.S. and Canada.

The chain's decline is due to market forces, high rent rates, and a failed promotional deal for endless shrimp.

Red Lobster's Cheddar Bay Biscuit mix will still be available for customers.