Potential bankruptcy looms for Red Lobster

(AP Photo/Wilfredo Lee, File) (Wilfredo Lee, Copyright 2016 The Associated Press. All rights reserved.)

Red Lobster is reportedly in financial trouble and is considering filing for bankruptcy protection.

Virginia has more than a dozen restaurants, including Christiansburg and Lynchburg.

Recommended Videos

There are several possible factors, including the cost of leases and labor.

Sources say the chain hasn’t decided if it will file for Chapter eleven bankruptcy, meaning it could continue to operate while it restructures.

Recommended Videos