Denny’s, one of many fast-casual chains struggling with higher costs and changing consumer demand, says it's closing about 150 restaurants.
The ubiquitous and popular diner chain Denny’s will close 150 locations by the end of next year amid declining revenue and changing consumer habits, the company announced Tuesday. Known for 24/7 service and a wide selection of menu items, the company behind the 71-year-old restaurant reported lower-than-expected earnings for the third quarter and has seen shares fall nearly 50% this year.
“Our third quarter sales results directly reflect ongoing brand investments and dedicated focus on value that resulted in outpacing the category,” said Chief Executive Kelli Valade in a release, despite the company missing analyst expectations. Denny’s stock tumbled 17% on Tuesday to $5.47 following the announcement of the closures. The company also owns a smaller restaurant chain, Keke's, which has about 60 locations mostly in Florida.
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