Red Lobster is set to close its iconic Times Square restaurant, located at 5 Times Square, on June 14, 2024, after 23 years of service. The decision comes as a result of ongoing construction at the intersection of 41st Street and Seventh Avenue, which has significantly impacted customer access and visibility. Additionally, the property is slated for conversion into residential housing, making continued operation unfeasible. The three-story restaurant, which opened in 2003, has been a staple for tourists and locals alike, known for various promotions, including a notable free lobster giveaway earlier this year. Despite being recognized as a high-performing location, the restaurant faced challenges with a proposed annual rent of around $2.2 million. Following the closure, employees will have the option to transfer to other Red Lobster locations, as this was the last remaining outlet in New York City. The closure is part of a broader restructuring effort by Red Lobster, which has seen over 100 locations shut down in recent years after filing for Chapter 11 bankruptcy in May 2024.