In the heat of a tightening market, BurgerKing is set to close up to 400 locations across the US this year as concerns of recession persist. The iconic fast food chain has already closed 124 locations this year up to March.
The iconic fast food chain has already closed 124 locations this year up to March. There are 6,964 other U.S. locations still open. The move to shut down these locations comes as Burger King CEO Joshua Kobza, who claimed between 300 and 400 restaurants would be closed, stated that the company is cracking down on underperforming franchisees, according to the Daily Mail."There will always be a minority [of franchisees] who aren't dedicated, enthusiastic operators.
The announcement of the closures across the U.S. comes after Meridian Restaurants Unlimited, a Burger King franchise with over 100 locations, filed for bankruptcy in March. Prior to the filing, the franchise had already shuttered 27 stores in Minnesota, Utah, Montana, Kansas, Nebraska, and North Dakota.
Despite its name, Burger King is only the third largest fast food chain in the U.S. It's outpaced by both McDonald's and Wendy's.Burger King's expected closures for 2023 come as many in the U.S. face concerns of recession. The number of job openings in the country went down to just 9.59 million for March, making it the lowest level in about two years, according to the Bureau of Labor Statistics Job Openings and Labor Turnover Survey updated Tuesday.
On Wednesday, Sen. J.D. Vance criticized the Biden administration for refusing to negotiate on the current state of the debt plan, saying the president is playing “Russian roulette with the country’s finances.” The White House issued on the same day a report titled"The Potential Economic Impacts of Various Debt Ceiling Scenarios," which warned that failing to raise or suspend the debt limit could lead to a recession, potentially putting the country in worse shape than in 2008.
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