Red Lobster will file for bankruptcy next week. It also closed around 100 locations, with locations and equipment being auctioned off.

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With 578 restaurants across 44 states and Canada, Red Lobster serves 64 million customers a year, and it brings in $2 billion in annual sales, the company said in its bankruptcy filing. One in five lobster tails purchased in North America is bought by Red Lobster.

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But recent mismanagement, competition, inflation and other factors brought down Red Lobster, analysts and former Red Lobster employees say.

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Years of underinvestment in Red Lobster’s marketing, food quality, service and restaurant upgrades hurt the chain’s ability to compete with growing fast-casual and quick-service chains.

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In January, the company hired Jonathan Tibus, a restructuring veteran, to assess its business. It named Tibus as CEO in March. Last week, the company began shutting down 93 restaurants in preparation for its bankruptcy.

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As it ran out of cash, the company stopped paying its vendors last year.

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The company plans to stay afloat with a $100 million financing agreement, it said in its bankruptcy petition.

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