Red Lobster Times Square Closing

Construction Story Masks a Deeper Financial Crisis

Red Lobster says prolonged construction at 5 Times Square killed the restaurant. But analysts see a bigger picture. The chain lost $76 million in fiscal year 2023 Restaurant Dive. Its Times Square lease cost an estimated $2.2 million per year Legal Reader. For a company bleeding cash, that math was hard to justify.

Industry analyst Darren Tristano, CEO of FoodServiceResults, says casual dining has a

Industry analyst Darren Tristano says casual dining suffers from a

A Bankruptcy That Started With Endless Shrimp

Red Lobster's collapse had been building for years. In late 2023, the chain lost $11 million in a single quarter — largely blamed on its $20

Red Lobster's collapse had been building for years. A disastrous $20

Times Square Location Will Become 1,250 New Apartments

The 38-story tower at 5 Times Square won't sit empty. In May 2025, Governor Kathy Hochul and Mayor Eric Adams announced plans to convert the building into 1,250 apartments NYC.gov. Of those, 313 units — 25% — will be permanently affordable housing.

The conversion is one of the largest office-to-residential projects in Midtown history. Anchor tenant Ernst & Young left the building in 2022, leaving it largely vacant Empire State Development. Developer Scott Rechler of RXR called the project a way to

Red Lobster Promises New York Marketing Push After Exit

Red Lobster isn't walking away from New York entirely. The company says it will invest in marketing across the New York area in the second half of 2026 WGRZ. It also plans interior refreshes at select remaining restaurants as part of its turnaround.

CEO Damola Adamolekun, brought in after the 2024 bankruptcy, is pushing a

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