Red Lobster's financial troubles have history. Here's how the legacy restaurant brand sailed into such choppy waters.

Beleaguered seafood chain Red Lobster is seeking a buyer as it looks to avoid filing for bankruptcy, CNBC has learned.

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 has reportedly been fishing for a potential buyer as it considers debt restructuring options that include possible Chapter 11 bankruptcy. The struggling seafood chain sought a buyer in recent months, people familiar with the matter told CNBC. A potential buyer was lined up but the deal fell through, the outlet reported.

If the Orlando-based seafood restaurant were to seek Chapter 11, it would be one of the most high-profile failures across the chain restaurant world.