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Epic Economist, 7/9/24
"Restaurant Apocalypse Accelerates
As America's Biggest Chains Go Bankrupt"
"Burger King. Wendy's. Boston Market. Red Lobster. Popeye's. Arby's. Corner Bakery. Carl's Jr. The list goes on. On top of being some of the most iconic restaurants in the U.S., what do all of these companies have in common? According to U.S. Court documents, these brands have all faced bankruptcies over the past year as the “Restaurant Apocalypse” continues to wreak havoc across the nation.
New reports reveal that America's biggest chains are announcing the closure of thousands of locations right now. Many big names in the industry are currently teetering on a precipice. Seemingly every day, there's a headline announcing the death of a brand, store closings or mass layoffs in the restaurant sector. Not even the most popular fast food chains in the country are immune from this trend.
Rising food, rent and labor costs, mixed with falling demand, are spelling disaster for many companies, industry experts say. The result is "carnage everywhere," stressed Robért LeBlanc, co-owner of LeBlanc + Smith, a New Orleans restaurant and hotel group.
Over the past month alone, Red Lobster went belly up, filing for Chapter 11 and closing more than 100 locations. Cracker Barrell saw its share value collapse after posting poor financial results. Chilli's and Hooters announced a new round of store shutdowns, impacting locations in Florida, Kentucky, Rhode Island, Texas and Virginia."
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