Market Data 
Since filing for bankruptcy in 2024 — and closing dozens of restaurants that year — Red Lobster has begun a turnaround: It’s appointed a new CEO, updated its menu, collaborated with celebrities, and exited Chapter 11 protection. The new CEO, Damola Adamolekun, told The Wall Street Journal in February that its sales were up 10% year over year.
Still, the company announced this week that it will shutter its flagship Times Square location on June 14, ending a 23-year run in one of the world’s busiest tourist destinations.
A spokesperson for Red Lobster told Business Insider the chain “remains focused on strengthening the business, investing in the guest experience, and building momentum across the system.”
It cited “extensive and prolonged construction” at the sprawling location, which affected foot traffic and sales.
“Times Square has been an important chapter in Red Lobster’s history, and we are grateful to the team members and guests who have made this restaurant special over the years,” the chain said.
In May, the brand closed its oldest continuously operating location, in Tallahassee, Florida, after 56 years, following typical performance and lease reviews, the company said. Other closures have included restaurants in Chambersburg, Pennsylvania, and Overland Park, Kansas.
Red Lobster operates around 550 restaurants, a decline from around 700 a few years ago, Fortune reported. Adamolekun told The Wall Street Journal that Red Lobster is still looking closely at leases, with a view to close or update underperforming locations. He added that the chain is also open to opening more locations in some underrepresented regions.
Founded in 1968, Red Lobster grew into one of the largest casual dining seafood chains in the United States. The company is best known for its seafood-focused menu, including shrimp, lobster, and crab dishes, as well as its signature Cheddar Bay Biscuits, which have become a staple of the brand.
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