A new report said the Red Lobster seafood restaurant chain is considering a Chapter 11 bankruptcy filing. Under Chapter 11, a business can remain open while it reorganizes to deal with expenses such as debt that are putting a strain on profitability. Red Lobster’s object would be to exit some long-term contracts and renegotiate some leases, according to Bloomberg, which cited sources it did not name as saying the chain was working with the law firm of King and Spalding on a filing. Bloomberg said labor costs have also been an issue for Red Lobster. Thai Union Group PLC is the majority owner of…