Yesterday news circulated that the great Red Lobster had officially filed for chapter 11 bankruptcy protection.

From there, people started talking about what could happen next. Does this mean all restaurants are closing? Does it mean they're selling the business to someone else, for better or worse? Does it mean a new lease on life and they'll thrive better than ever?

And what exactly does it mean to go bankrupt? So many American's only know the term in a negative way. Especially if the contestant lands on that big Bankrupt slice on Wheel of Fortune and they lose all their earnings. Is that what it's like?

Well, with a lot of questions, especially from those who may not know what bankruptcy means, exactly, those questions often pose new questions.

Red Lobster decided to take to social media to explain what's going on from their side in a recent post on Facebook.

Though it reads very PR, acknowledging what's happening but still in a positive light, they seem to stand their ground to say they're not going anywhere in the long term.

In Red Lobster's statement, they talk about filing for chapter 11 bankruptcy protection as a positive, not a negative.

As they mention, it doesn't mean they're going out of business. Quite the opposite, really. I means they can stay in business while they restructure a few things that are beneficial to everyone involved.

They also mention companies like Delta and Hertz have done this before and both of those companies are thriving better than ever. Here's hoping Red Lobster can do the same.

50 Most Popular Chain Restaurants in America

YouGov investigated the most popular dining brands in the country, and Stacker compiled the list to give readers context on the findings. Read on to look through America's vast and divergent variety of restaurants—maybe you'll even find a favorite or two.

Gallery Credit: Paul Feinstein

Most popular grocery stores in America

The most popular grocery stores in America, from corporate chains to family-owned enterprises. Stacker ranked them using consumer ratings sourced from YouGov polls.

Gallery Credit: Stacker

LOOK: 20 American foods that raise eyebrows outside of the US

Stacker compiled a list of 20 unusual and uniquely American foods that might raise eyebrows outside the U.S.

Gallery Credit: Charlotte Barnett

From coast to coast: The 20 best regional fast-food chains to try

From burgers to subs and even creamy milkshakes, these tasty fast-food chains, compiled by Stacker, are a must-try on your next road trip.

Gallery Credit: Kiersten Hickman

More From 92.9 The Bull