(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 .
Red Lobster lost shocking amount of money after endless shrimp ‘success’
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 .