Major Restaurant Chains that Closed in 2020 (Or Are Closing Lots of Locations) Brio Tuscan Grill is an upscale casual-dining Italian restaurant. Denny’s is not going out of business. Dunkin’ is not going out of business. IHOP is not going out of business. McDonald’s is not going out of business.
Chain restaurants including Pizza Hut and Starbucks are permanently closing over 1800 total locations during the pandemic. Here’s the full list of chains. Restaurant chains were set to suffer major losses since the beginning of the pandemic, and Pizza Hut is the latest chain to announce a wave of permanent closures.
Seven signs a restaurant may be failing CUTTING QUALITY CAN ANTICIPATE JOB CUTS. Watch out for a sudden switch to cheaper or low-quality ingredients. TROUBLE PAYING BILLS. SHRINKING STAFF. BEWARE THE PHRASE “MINIMAL SERVICE” CONSTANT DINER DEALS AND DISCOUNTS. OWNER NO-SHOWS. NEGATIVE RESTAURANT SOCIAL MEDIA FEEDBACK.
Taco Bell to Close Out 2020 with 6 Weeks of Deals | QSR magazine.
Store closures in 2020 JCPenney JCP +37.5% : 158 stores (bankruptcy) Pier 1 Imports PIR -18.4% : 936 stores (bankruptcy) Stage Stores SSI -20% : 738 stores (liquidating) Stein Mart SMRT +11.7% : 250 est. AT&T T +0.2% : 250 stores. GameStop GME -1.1% : 320 stores. Macy’s M +5.3% : 125 stores (over 3 years)
Retailers have confirmed at least 7,500 US store closings for 2020 . Stein Mart, Men’s Wearhouse, Lord & Taylor, Microsoft, GNC, JCPenney, Victoria’s Secret, Nordstrom, and Sears are among the retailers that are planning to close stores this year. Visit Business Insider’s homepage for more stories.
Dine Brands Global, the company that owns both Applebee’s and IHOP, announced that they will be closing over 100 locations of the restaurants after a decrease of sales in their latest financial quarter. Over a three-month period, IHOP saw a 30% decline in sales.
Restaurant Business called out Red Lobster as “one name to watch” in a line of restaurants that may be going bankrupt next. The chain had its credit rating downgraded earlier this year, placing it in the “poor quality and high credit risk” category.
Golden Corral Corp.’s largest franchise group, 1069 Restaurant Group LLC, has filed for Chapter 11 bankruptcy protection, citing the impact of COVID-19 pandemic closures. The petition also said the company hopes to open another 18 restaurants by the end of 2020 .
While there are not any industry barriers, poor business acumen, no management, and lack of financial planning among first-time restaurateurs are some of the primary reasons why restaurants fail .
In the age of coronavirus, restaurant sales are expected to decline by $225 billion over the next three months, leading to the loss of between five and seven million jobs. “It was one of the worst days of our life,” she said.
Arby’s : All company-owned locations and the majority of franchisee locations nationwide are closing their dining rooms and shifting to carryout, and drive-thru options subject to local mandates.
Yum! Brands Yum China
Company announces plans to close dozens of Applebee’s , 100 IHOP locations. In the news release, Dine Brands stated that 15 Applebee’s locations would close for good sometime in the fourth quarter of 2020 . The company added that nearly 100 IHOP locations would be closing in the next six months.