Red Lobster is closing its Times Square restaurant after more than two decades in one of the world’s busiest tourist destinations.

The restaurant, located at 5 Times Square, is scheduled to close June 14, ending a high-profile presence the seafood chain has maintained in the heart of Manhattan since 2003.

“Times Square has been an important chapter in Red Lobster’s history, and this was a difficult decision,” the company said in a statement.

RED LOBSTER BRINGS BACK FAN-FAVORITE ‘ENDLESS SHRIMP’ DEAL IN LONG-AWAITED RETURN

Red Lobster said extensive and prolonged construction at the building has significantly impacted access, visibility and foot traffic at the restaurant. The company also cited the property’s planned conversion to residential use, saying continued operations at the location were no longer viable.

“We are grateful to the team members and guests who have made this restaurant special over the years,” the company said.

The closure comes as Red Lobster continues efforts to rebuild the business after emerging from Chapter 11 bankruptcy protection in 2024. The seafood chain filed for bankruptcy in May of that year after closing dozens of restaurants nationwide amid mounting financial pressures.

A bankruptcy court later approved the company’s reorganization plan, allowing Red Lobster to exit Chapter 11 under new ownership backed by Fortress Investment Group. At the time, the company said it would continue operating as an independent company with 544 locations across 44 states and four Canadian provinces.

RED LOBSTER CLEARED TO EXIT CHAPTER 11 BANKRUPTCY PROTECTION

As part of the restructuring, RL Investor Holdings LLC, an entity backed by Fortress Investment Group, acquired the company. Damola Adamolekun took over as CEO following the reorganization and has led efforts to revive the iconic seafood chain.

Red Lobster has not indicated that the Times Square closure is part of a broader round of restaurant shutdowns. 

RED LOBSTER CONSIDERING MORE RESTAURANT CLOSURES, CEO SAYS

The Times Square restaurant has occupied a prominent corner location at 41st Street and Seventh Avenue since 2003, serving tourists and theatergoers visiting the area. 

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Red Lobster said all affected employees will be offered the opportunity to transfer to another company location and will receive additional pay to support them through the transition.

Legal firm Knights advised Cardo on its latest acquisition

Cardiff-based building and maintenance contractor Cardo Group has further expanded with the acquisition of Merthyr electrical and engineering firm EFS Systems.

Legal firm Knights, through its Cardiff office, acted for Cardo on the deal, the value of which has not been disclosed.

EFS is an established contractor delivering commercial, industrial and renewable energy projects. Its capabilities include electrical design, installation, inspection, testing and maintenance, together with fire and security systems, data and networking, solar panels and electric vehicle charging solutions.

The acquisition is strategically aligned with Cardo Group’s existing maintenance, compliance, retrofit and decarbonisation offering, while adding further capability in electrical services and energy-efficient technologies.

Liam Bevan, chief executive of Cardo Group, said: “We’re really pleased to welcome the EFS Systems team into Cardo Group. Their track record of high-quality, people-focused services aligns closely with how we approach our work.

“Rob and the EFS Systems team have been trusted partners of mine for over 10 years, and we’ve worked closely with them on projects for a wide range of clients during that time.

“This acquisition strengthens our ability to deliver integrated services for our clients, while continuing to grow our presence in key regions. Just as importantly, it brings in a team with the right values and expertise to support our long-term ambitions.”

A specialist team of legal advisors at regional legal and professional services business, Knights, advised Cardo Group on the acquisition. The multi-disciplinary team was led by corporate partner Emma Borrington, supported by Elizabeth Hill and Edmund Anya in corporate, Sarah Luxmoore in employment, Krystal Gibbins in real estate, Steve Webb in construction and Sarah Cardew in corporate tax.

Corporate partner with Knights, Emma Borrington, said:“We were delighted to support Cardo Group on this acquisition. EFS Systems is a well-regarded business with strong technical capability, and the transaction is closely aligned with Cardo’s strategic objectives.

“It has been a pleasure to work alongside Liam, Alex Crewe and the wider Cardo team on another important transaction, and to support the business as it continues to invest in complementary specialist capabilities.

“We wish everyone at Cardo Group and EFS Systems every success as they take this next step together.”

The company is turning its fortunes around after a ‘difficult’ period

A Devon-based agricultural supply business founded 66 years ago has returned to profit after two “difficult” years. Mole Valley Farmers was established in 1960 by a group of farmers in South Molton who joined together to form an agricultural buying group.

The company, which now employs more than 1,700 staff and has 9,000 farmer shareholders, sells a range of goods including livestock feed, animal health products and pet supplies direct to farmers and the general public online and in its 48 stores.

In its latest set of results filed on Companies House, Mole Valley Farmers reported turnover of £555.7m for the year ended September 2025 – marginally down from £558.8m a year earlier. But the business returned to a group operating profit of £500,000 – an improvement of some £5.8m on the year before.

“After two consecutive years of substantial losses, it is deeply encouraging to report a return to a modest level of operating profit,” chief executive Jack Cordery said in a statement.

“This financial recovery, although only one step on a longer journey toward sustainable profitability, illustrates that the strategic adjustments implemented at every level of the organisation are taking effect.”

Mr Cordery said a “rigorous focus” on cost contral and operational efficiency had been central to Mole Valley’s performance over the last year.

“Following a period in which inflationary pressures, labour cost increases and volatile commodity markets created considerable headwinds, we undertook a comprehensive review of expenditure and internal processes.

“Through tighter financial discipline, improved stock management and targeted productivity measures, we have successfully reduced our operating cost base whilst maintaining strong service standards for farmer shareholders and customers.”

In its financial report, Mole Valley said it had reduced its operating costs by £3.7m in “a climate of increasing inflationary pressures. It added that greater working capital and debt reduction had also allowed the business to mull investment opportunities.

The company said it was looking to make “significant investments” over the financial year at its mills at Huntworth and Dorchester.

“We have seen a considerable turnaround from the previous year, despite plenty of head winds,” said chair Stephen Bones.

“We are clear that there is still much to do to ensure real business stability and resilience.”

He added: “In the current budget year, we are seeing sales and revenue growth and a continued focus on cost of sales. The business is now more resilient, better able to withstand external pressures and well positioned to invest in areas that support long-term value creation.”

Last year, Mole Valley Farmers agreed a deal with Plymouth port Cattedown Wharves, which saw it take over use of the quay-side storage facilities and collaborate to manage incoming cargoes.

The long wait for the NSE public listing appears to be entering its final stretch. The exchange recently confirmed that it expects to file its draft red herring prospectus (DRHP) by the second week of June, putting the country’s most anticipated IPO one step closer to reality.

The update has once again sparked interest in NSE’s unlisted shares, which continue to change hands actively in the private market. With the DRHP now less than two weeks away, investors may want to know does it still make sense to buy NSE shares before the IPO?

The answer from analysts is nuanced. Most experts agree that NSE remains one of India’s strongest financial franchises. However, they also caution that investors should not treat the approaching IPO as an automatic opportunity for quick gains.

NSE currently trades in the unlisted market at around Rs 1,950-2,050 per share, implying a valuation of roughly Rs 5 lakh crore. That valuation already reflects significant optimism around the company’s eventual listing.

“NSE is clearly one of India’s strongest capital-market franchises and remains one of the most awaited IPO candidates. However, investors looking to buy unlisted shares purely because the DRHP filing is close should exercise caution,” said Paresh Bhagat, CIO of Veer Growth Fund and chairman of Mangal Keshav.

“The business quality is not in question. The key risk is valuation and entry price.” Bhagat noted that based on FY26 profit after tax of around Rs 10,300 crore, the exchange is already valued at nearly 48-50 times earnings.
While NSE enjoys dominant market share, strong profitability and significant cash generation, he believes much of that strength is already reflected in current unlisted market prices. One of the biggest assumptions among investors is that buying shares before the IPO guarantees a profit once the company lists. Analysts say that assumption may not always hold true.The eventual IPO pricing remains unknown. In many large public offerings, companies deliberately leave room for public market investors by pricing the issue below prevailing unlisted market valuations.

If that happens, investors entering NSE at current unlisted prices could face limited upside or even temporary mark-to-market losses. “The pre-IPO window should not be seen as a guaranteed arbitrage opportunity,” Bhagat said. “If the IPO is priced more reasonably for public-market investors, the gap versus current unlisted prices could be meaningful.”

Others echo the same concern. “I would avoid buying NSE unlisted shares purely on the expectation of the upcoming DRHP filing,” said Arpit Jain, Joint Managing Director at Arihant Capital Markets.

“While the filing could be an important milestone in the IPO journey, a significant portion of the optimism around the listing is already reflected in the current unlisted market price.” Jain pointed to several high-profile IPOs in recent years where strong excitement before listing did not necessarily translate into exceptional post-listing returns.

He said investors should focus on valuation, offer pricing, market conditions and the final IPO structure rather than rushing to buy shares simply because the DRHP is approaching.

At the same time, few analysts dispute the quality of the underlying business. NSE remains India’s largest stock exchange and dominates equity derivatives trading. The exchange reported total income of Rs 18,713 crore and consolidated net profit of Rs 10,302 crore in FY26.

Its capital-light business model, strong cash flows and dominant market position have made it one of the most sought-after names in the unlisted market.

According to Nitant Darekar, Research Analyst at Bonanza, NSE currently trades at around 45 times FY26 earnings, based on earnings per share of Rs 41.62. While that valuation is not cheap, it remains below some listed peers.

“NSE remains a capital-light near-monopoly,” Darekar said. “At around Rs 1,950-2,170 in the unlisted market, it trades near 45x FY26 earnings. That’s rich, but below BSE at around 70x and MCX at around 80x.”

Darekar added that the recent settlement of the long-running co-location case has removed a major overhang on the IPO process. However, he cautioned that the exchange’s earnings remain linked to derivatives trading activity, which can be volatile, especially after regulatory changes in the futures and options segment.

He also highlighted another practical consideration for investors. “The urgency is real. Post-DRHP, fresh unlisted purchases face a one-year lock-in. But valuation, not the calendar, should drive the decision.”

That point is particularly important because many retail investors view the narrowing pre-IPO window as a reason to buy immediately.

Ishan Tanna, Senior Associate at Ashika Capital, said history suggests otherwise. “Historically, buying unlisted shares very close to the IPO stage has not always offered the best risk-reward for investors,” he said.

“In many cases, the biggest gains are made when IPO visibility is low and uncertainty is high. Once the DRHP gets filed and listing draws closer, valuations often become expensive as the IPO excitement premium starts getting priced in.”

Tanna said NSE remains a rare financial infrastructure asset with strong profitability and a dominant position in Indian capital markets, making it attractive for long-term investors.

However, investors chasing quick listing gains should recognise that late-stage entry into pre-IPO stories often carries greater risks than many assume.

For now, the consensus among market experts is that NSE remains one of India’s highest-quality businesses and its IPO will likely attract enormous investor interest. But with the stock already trading at elevated valuations in the unlisted market, investors may need to focus less on the countdown to the DRHP and more on whether the current price adequately compensates them for the risks ahead.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

“The findings primarily concern the use of Wise accounts for criminal purposes, with indications of non-compliance with anti-money laundering legislation, particularly due to a failure to identify customers and their activities,” the spokesperson added.

After having been in the investing world for more than 25 years from private banking and investment management to private and venture capital; I have pretty much “been there and done that” at one point or another. I am currently a partner at RIA Advisors in Houston, Texas. The majority of my time is spent analyzing, researching and writing commentary about investing, investor psychology and macro-views of the markets and the economy. My thoughts are not generally mainstream and are often contrarian in nature but I try an use a common sense approach, clear explanations and my “real world” experience in the process. I am a managing partner of RIA Pro, a weekly subscriber based-newsletter that is distributed to individual and professional investors nationwide. The newsletter covers economic, political and market topics as they relate to your money and life. I also write a daily blog which is read by thousands nationwide from individuals to professionals at www.realinvestmentadvice.com.