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Pharrel Wiliams\/Getty Images<\/p>\n
As Bob Dylan sings, “the times, they are a-changing,” and that’s always true for New York City’s bustling Times Square. From the flicker of every electric billboard to the constant flow of tourists, it’s always ever-shifting and evolving. Even the businesses that become fixtures of the Square come and go \u2014 and after over two decades, Red Lobster announced plans to close its Times Square location on June 14.<\/p>\n
While the Manhattan mainstay joins other\u00a0Red Lobster locations closing their doors<\/a>, the company cited issues specific to the iconic location,\u00a0and largely beyond the chain’s control, as its reasons behind the decision. The high-rise building that Red Lobster anchors, known as 5 Times Square, has been undergoing extensive construction,\u00a0which has severely affected the restaurant’s accessibility and exposure to foot traffic.\u00a0<\/p>\n Not only that, but the 38-story building is being converted from office space to residential apartments, which the chain expects will further complicate matters over the long haul. In a statement, the company said to NRN<\/a>, “Times Square has been an important chapter in Red Lobster’s history, and this was a difficult decision.” But Red Lobster has bigger fish to fry beyond construction in NYC.<\/p>\n
<\/p>\n A sea of uncertainty for Red Lobster’s future<\/p>\n
Craig T Fruchtman\/Getty Images<\/p>\n While Red Lobster’s Times Square location may have been primarily affected by location-specific issues, the chain has seen its fair share of struggles over the past few years. It has shuttered 130 locations, and despite still being the largest seafood chain in the U.S., it has shrunk to its smallest since the mid-2000s.\u00a0After Red Lobster was rescued from bankruptcy<\/a>\u00a0in 2024, it has yet to realize the turnaround it’s been hoping for, and closures will likely continue.<\/p>\n It’s not just Red Lobster, either. Seafood restaurants struggle more than other chains to stay afloat<\/a>, largely due to the skyrocketing price of seafood as well as the price ceiling these chains face to keep customers coming back. As reported by Restaurant Business<\/a>,\u00a0diners are going out for seafood less and less, with the full-service seafood industry declining by $800 million since 2015.\u00a0Efforts will continue to revive Red Lobster, with restaurant remodels and shifts to a franchising model in the works.<\/p>\n
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