(NEWSnet) – Red Lobster, a national seafood restaurant chain, may be filing for bankruptcy, according to media reports.

A report from Bloomberg indicates that Red Lobster is struggling under the weight of some leases, long-term contracts and labor costs.  The company is looking at restructuring and possibly filing for bankruptcy.

The restaurant chain began with one family-owned site in 1968 in Lakeland, Florida, its corporate website says, and now has locations from coast to coast. Baking mixes for some of its popular recipes also are available in supermarkets.

But over the years, the national company has gone through a string of owners.

Current owner, Thai Union, announced earlier this year that it was planning to exit its investment in Red Lobster, as the chain's "ongoing financial requirements no longer align with Thai Union's capital allocation priorities."

Red Lobster’s current CEO, Jonathan Tibus, was brought on last month.

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