Red Lobster is set to close its iconic Times Square restaurant on June 14, 2024, after 23 years of service. The decision comes as a result of prolonged construction work at the site and plans to convert the property into residential housing, which have significantly affected access and visibility. The three-story restaurant, which opened in 2003, has been a staple for tourists and locals alike, known for its promotions and events, including a notable free lobster giveaway in 2023. Despite being considered a 'high-performing' location, the restaurant faced challenges with rent negotiations, as the owners of 5 Times Square sought approximately $2.2 million annually for the space. Following the closure, employees will be offered transfers to other Red Lobster locations, as this was the last remaining restaurant in New York City's five boroughs. The closure is part of a broader restructuring effort by Red Lobster, which has seen over 100 locations shut down following its Chapter 11 bankruptcy filing in May 2024. The company reported a 6.2% decline in sales year-over-year, totaling $1.56 billion.