The company said the decision comes after extensive and prolonged construction at the building has significantly impacted access, visibility and foot traffic, making continued operations economically unsustainable.
All team members are being offered the opportunity to be transferred to a Red Lobster location of their choice.
Red Lobster released a statement saying, "Times Square has been an important chapter in Red Lobster's history, and this was a difficult decision. Extensive and prolonged construction at the building has significantly impacted access, visibility, and foot traffic at this restaurant. Given those conditions, along with the building's planned conversion to residential use, continuing to operate at this location was no longer viable. We are grateful to the team members and guests who have made this restaurant special over the years. All team members are being offered the opportunity to be transferred to the Red Lobster location of their choice and to receive additional pay to support them through this transition."