Beleaguered seafood chain Red Lobster is seeking a buyer as it looks to avoid filing for bankruptcy, CNBC has learned. The company has considered filing for bankruptcy to help it restructure its debt and get out of a number of costly and lengthy leases, but it’s also sought a buyer in recent months, people familiar with the matter told CNBC.

Red Lobster is seeking to hook a buyer as the struggling seafood chain attempts to avoid bankruptcy, according to a report. The fast-casual chain — known for its cheddar bay biscuits and

Red Lobster is looking to file for Chapter 11 bankruptcy. Are restaurants in Ohio affected? Here's what we know.

According to a Bloomberg report, Red Lobster is considering filing Chapter 11 bankruptcy as it grapples with growing debt and major losses. With rising labor and lease costs, the restaurant chain has struggled to make a steady profit.