A seafood restaurant chain with outlets around the country, The Oceanaire Inc.
has filed for Chapter 11 bankruptcy protection. The Oceanaire listed assets and debts
of between $10 million and $50 million and filed for Chapter 11 in Dallas. It has asked a U.S. Bankruptcy Court to close some of its restaurants. So far it has closed restaurants in
Cincinnati, Charlotte, Philadelphia and Seattle. The Oceanaire serves fresh seafood, lobster, crab and has an oyster bar and traditional caviar service served in a decor designed to evoke a classic ocean liner feel. The company is working with lenders on a restructuring plan and plans to emerge from Chapter 11 by the end of the year. The twelve other locations in Denver, Atlanta, Baltimore, Houston, Indianapolis, Miami, Minneapolis, Orlando, San Diego and Washington D.C. will remain open.