Restaurant chain Red Lobster has filed for Chapter 11 bankruptcy protection in a Florida court. It said its restaurants will be open and operate as usual during the proceedings, and plans to reduce its locations as well as pursue a sale of substantially all its assets.

Target is lowering prices on at least 5,000 frequently shopped products across its assortment ranging from milk to diapers, as it looks to attract budget-stretched customers.

Gold touched record highs, coasting on last week's encouraging inflation data, while silver reached its highest level in over 11 years.