Orlando Sentinel:
Shells Seafood Restaurants has closed two of its three remaining Central Florida locations as part of the company’s request to convert its Chapter 11 bankruptcy to Chapter 7 liquidation, according to a court filing.
Tampa-based Shells said in a filing that it needed a “substantial capital infusion” to continue operating and had failed to raise additional financing. In a Sept. 24 filing with the U.S. Bankruptcy Court in the Middle District of Florida, Shells said “restrictive credit markets” has impeded its efforts.
As a result, the seafood chain said it will close 10 of its remaining 14 locations including restaurants in Daytona Beach and New Smyrna Beach. A restaurant in Melbourne remains open.