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"9 Big Restaurant Chains That Filed For Bankruptcy"
by Economics Today
"Our favorite restaurants are vanishing from sight as worsening economic conditions continue to squeeze U.S. businesses. With shoppers eating out less and tightening their budgets, even big names in the industry are seeing their operations rot from within. Over the past three years, over 160,000 restaurants have been permanently closed around the country, and unfortunately, that trend is still picking up force in 2023.
It’s hard to believe but even the biggest and most successful fast food chains in the world aren’t immune to bankruptcies among franchisees. Just a couple of months ago, Rice Enterprices LLC declared bankruptcy and shuttered all of the McDonald’s restaurants it operated. Serious labor issues involving minors led the franchisee to face a millionaire lawsuit that affected the brand as a whole. Last month, the company announced hundreds of store closings, not only in America, but all across the globe. Some of its formats have become outdated, executives say. The decision was made after a team of board members discussed the growth potential of certain locations and decided to focus on the ones with higher financial returns, excluding struggling stores from its portfolio."
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