The financial woes hitting seafood restaurant chain Red Lobster have prompted it to close dozens of locations and file for Chapter 11 bankruptcy protection, with some of the blame being heaped on the chain's endless shrimp bargain.

In the wake of the pandemic, Red Lobster looked to boost traffic to its restaurants by offering a $20 all-you-can-eat shrimp deal that the company hoped would serve as a loss leader and bring in more customers who would become regulars.

Beloved seafood chain Red Lobster has filed for Chapter 11 bankruptcy protection after news last week that it was closing almost 50 restaurant locations in the United States.

Although much has been made about the restaurant’s decision to make its $20 endless shrimp deal a permanent menu item—underestimating demand and leading to an $11 million loss, according to its largest shareholder, Bangkok-based Thai Union Group—that loss-making promotion is only one part of the chain’s financial difficulties, which date back years.

Here’s what you need to know:

Red Lobster has filed for Chapter 11 bankruptcy and leaders plan to seek a buyer for the financially troubled seafood chain based in Orlando.

The bankruptcy, first reported by Bloomberg, came in U.S. District Court in Orlando and will allow the company to continue operating.

In  a news release late Sunday, the company said the plan is to “simplify the business through a reduction in locations, and pursue a sale of substantially all of its assets.”