According to a report in the Wall Street Journal, American restaurant chain Red Lobster is preparing to file for bankruptcy.

The Journal's website reported on Tuesday that the restaurant chain hopes to restructure agreements with landlords and creditors to trim debt

The report comes as NBC News reported  that at least 99 locations are being auctioned off. A website dedicated to the auctions lists more than 45 restaurants that have closed ahead of the sale.

According to the website, no locations from Ohio or Pennsylvania are included in the auctions.

The auctions are described as "winner takes all", giving the winner the entire contents of the restaurant.

Red Lobster is estimated to have more than 700 locations. The closures account for about 15% of the company's restaurants.

According to CNBC, Red Lobster has been looking for a buyer but hasn't had any luck yet. One of its biggest investors, Thai Union, announced plans to leave its position in the company earlier this year.

There are three Red Lobster locations in the Mahoning and Shenango Valleys, they are in Boardman, Niles and Hermitage.