Red Lobster is closing more restaurants. See where they are

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(NEXSTAR) — Red Lobster plans to close nearly two dozen more restaurants across the country by the end of this week, as part of its ongoing bankruptcy protection proceedings.

The seafood chain said in a recent court filing that it is rejecting the leases of an additional 23 locations and intends to vacate the properties by Saturday, Aug. 31.

According to the document, the company determined that keeping these restaurants open would unnecessarily drain its cash due to the cost of rent and other related expenses.

In May, Red Lobster filed for Chapter 11 bankruptcy protection after struggling to keep up with competitors and facing a series of financial challenges, like its popular all-you-can-eat shrimp promotion that backfired.

The latest closures will add to the more than 100 restaurants that Red Lobster shuttered earlier this summer. Once completed, the company will have about 500 remaining U.S. locations — a significant drop from the approximately 700 restaurants it previously listed on its website.

Red Lobster CEO Jonathan Tibus said in a May 19 press release that “restructuring is the best path forward” for the company.

“It allows us to address several financial and operational challenges and emerge stronger and re-focused on our growth,” he said in the release.

Fortress Investment Group is seeking to acquire Red Lobster, pending court approval, and announced on Monday that it will appoint Damola Adamolekun as the chain’s new CEO. Adamolekun is the former CEO of P.F. Chang’s. Meanwhile, Fortress has a track record of buying restaurants out of bankruptcy, such as Logan’s Roadhouse and Krystal.

A court hearing on the sale of Red Lobster is slated for Sept. 5.