Facing a decline in customer visits, several prominent restaurant chains, including Wendy's, Denny's, and Applebee's, have announced closures of underperforming locations in 2024.
Restaurant chains like Wendy's, Denny's and Applebee's closed locations in 2024 as consumers dined out less often. U.S. restaurant visits fell for the first 10 months of the year, according to Black Box Intelligence. The casual-dining sector was hit hard, leading to bankruptcy filings and hundreds of restaurant closures. A rough year for the restaurant industry led many chains to close underperforming locations in 2024, as they try to improve their sales in the years to come.
when they did choose to dine outside their homes. Overall U.S. restaurant visits fell for the first 10 months of the year, according to data from industry tracker Black Box Intelligence. The decline in restaurant spending led to weak sales and a surge in bankruptcies for the industry. Twenty-six restaurant companiesWith few exceptions, casual-dining chains in particular struggled to attract customers, adding to the segment's challenges that have mounted since the Great Recession. Since the rise of fast-casual chains, many diners have opted for the convenience and promised quality of players like announced it would shutter 140 underperforming locations by the end of the year, in addition to the roughly 80 closures it had in the first three quarters.Executives made the decision to prune some outdated restaurants that had annual unit volumes of about $1 million each to improve the company's overall footprint. Despite the closures, the company expects to end 2024 with an unchanged restaurant count, thanks to its new restaurant openings, Wendy's CEO Kirk Tanner told investors on the company's third-quarter earnings conference call., said it planned to shutter between 25 and 35 of the brand's U.S. locations. By late September, Applebee's global unit count had fallen by 36 locations compared with the year-ago period. Applebee's same-store sales have declined for the last six straight quarters, according to company filing
RESTAURANTINDUSTRY CLOSURES CONSUMERSPENDING CASUALDINING BANKRUPTCIES
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