Red Lobster will permanently close its oldest continuously operating restaurant, a 56-year-old location in Tallahassee, Florida, on May 24 as part of a broader effort to stabilize the company's finances following bankruptcy and a major restructuring.
A company representative confirmed that the Tallahassee restaurant on North Monroe Street, which first opened in October 1970, will serve its final meals on Sunday before shutting its doors for good.
The site is widely recognized as the brand's oldest operating location and an early flagship for the growing seafood chain. Local media in Tallahassee first reported the closure, citing company plans and employee notifications, according to Mlive.
The decision comes less than two years after Red Lobster filed for Chapter 11 bankruptcy protection in 2024, a move that led to the closure of more than 100 underperforming restaurants across the United States.
Court filings and company statements at the time showed the chain was struggling with high lease costs, rising food and labor expenses, and declining customer traffic. The Tallahassee location survived that initial wave of shutdowns but has now been included in a new round of cost-cutting measures, Restaurant Dive reported.
Red Lobster's current leadership has outlined a turnaround strategy focused on reducing debt, trimming its real estate footprint, and simplifying operations to regain profitability by fiscal year 2026.
Financial projections submitted in court indicate the company is targeting a positive net income of about $2.1 million in that period, supported in part by closing sites deemed financially burdensome. Executives have also cited plans to streamline menus, standardize store operations, and invest selectively in remaining locations.
Red Lobster has not announced additional specific restaurant closures alongside the Tallahassee decision, but has indicated that its real estate portfolio remains under active evaluation, as per Yahoo Finance.
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