Red Lobster, a nationwide restaurant chain known for its affordable seafood and cheddar bay biscuits, said late Sunday that it has filed for Chapter 11 bankruptcy protection.

In a statement, Red Lobster said it plans to sell “substantially all” of its assets. The company added that its roughly 650 restaurants will remain open and operating during the bankruptcy process.

“This restructuring is the best path forward for Red Lobster,” CEO Jonathan Tibus said in a statement. “It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth. The support we’ve received from our lenders and vendors will help ensure that we can complete the sale process quickly and efficiently while remaining focused on our employees and guests.”

Red Lobster’s roots date back to 1968, when the first restaurant opened in Lakeland, Florida, as a family-owned establishment under local restaurateur Bill Darden. The restaurant eventually expanded nationwide, allowing Americans from all corners of the U.S. to enjoy crab, shrimp, lobster and other seafood.

The chain’s majority owner is seafood producer Thai Union, which first invested in Red Lobster in 2016. In January, the company announced plans to sell its stake, with CEO Thiraphong Chansiri saying the pandemic, higher interest rates, and rising material and labor costs have hurt Red Lobster’s financial performance. 

—This is a breaking story and will be updated.