Red Lobster closing another 23 resturants

(CNN)– Red Lobster is closing another 23 restaurants as part of the seafood chain’s ongoing bankruptcy proceedings.

They join more than 100 restaurants Red Lobster closed earlier this Summer. After the latest closings, the chain will have about 500 outlets left.

That’s a sharp decline from the 650 it has last year. Red Lobster is in the process of selling itself to Fortress Credit Corporation.

The lender which is experienced in restaurant management recently gave Red Lobster a 100 million dollar loan to allow it to stay afloat.