Bankrupt Shells moves to liquidate

TAMPA Fla. Less than a month after filing for Chapter 11 reorganization and closing eight of its 23 branches, Shells Seafood Restaurants has asked the bankruptcy judge to convert the action to a Chapter 7 liquidation.

Shells said in its filing Wednesday with a U.S. bankruptcy court in Florida that it required a "substantial capital infusion" or a buyer to continue operations, and that "restrictive credit markets" had made efforts to find either unsuccessful.

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