Seafood restaurant chain Red Lobster is considering filing for bankruptcy in an effort to restructure its debt, according to reports.

Bloomberg first reported the chain might file Chapter 11 to shed long-term contracts and renegotiate its leases. The restructuring discussions are ongoing and no final decision has been made, according to the reports, though it’s believed the chain would remain open while working through a debt-cutting plan.

Started in Lakeland, Florida in 1968 there are now approximately 650 Red Lobster locations in the U.S. It is owned by seafood supplier Thai Union, which acquired the majority stake in 2020 after buying out Golden State Capital.

You can read more from Bloomberg here.