Red Lobster may be considering Chapter 11 bankruptcy. Reports say the seafood chain is considering filing to restructure its debt, renegotiate leases and shed some long-term contracts. Insiders say a final decision on restructuring hasn't been made yet. Red Lobster has hundreds of locations across the U.S. and Canada. The company has not commented on the report. The first Red Lobster opened in 1968 in Lakeland, Florida.