NEW YORK, NEW YORK - JUNE 05: View of a Red Lobster restaurant in Times Square in New York on June 05, 2024 in New York City. (Photo by Craig T Fruchtman/Getty Images)
NEW YORK CITY - The nationwide trend of restaurant shutdowns has reached the heart of New York City. After a 23-year run, the Red Lobster in Times Square is officially shutting its doors.
What we know:
The restaurant is scheduled to close on June 14 after serving tourists and theatergoers from its prominent corner location at 5 Time Square since 2003.
Red Lobster says ongoing construction, which impacted access, visibility and foot traffic, along with the property's impending conversion into residential space led to the closure.
All Time Square employees will receive extra pay and transfer opportunities to other locations, according to FOX News.
What they're saying:
Red Lobster says that it was a "difficult decision" to permanently close the Times Square location.
"Times Square has been an important chapter in Red Lobster's history… We are grateful to the team members and guests who have made this restaurant special over the years," the company said in a statement.
Endless Shrimp: Red Lobster brings back deal after 2024 bankruptcy
The new Endless Shrimp promotion started Monday. Red Lobster did not say how much the deal would cost, and prices may vary by location.
Big picture view:
The Times Square closure comes as Red Lobster continues trying to bounce back from its 2024 bankruptcy. After financial struggles forced the chain to close dozens of restaurants nationwide, a new investment group bought the company.
Under a new CEO, Red Lobster is now working to revive the brand, keeping more than 540 locations open across the U.S. and Canada.
Red Lobster has not indicated that the Times Square closure is part of a broader round of restaurant shutdowns.
The Source: Information from this article was sourced from FOX News Business.