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Red Lobster is in hot financial waters, attempting to stay afloat by eyeing Chapter 11 bankruptcy after an endless shrimp promotion.

Red Lobster last year began an Ultimate Endless Shrimp promotion in which customers could pay $20 (later $25) for all-you-can-eat shrimp any time they felt like it.

After making Ultimate Endless Shrimp a permanent menu item in June, Red Lobster attracted more customers but lost millions of dollars.