In 2024, the restaurant industry faced significant challenges, leading to a wave of closures across various chains. Wendy’s announced the closure of 140 underperforming locations by year-end, aiming to improve its overall footprint. Despite these closures, the company plans to maintain its restaurant count through new openings. Applebee’s, under Dine Brands, planned to close between 25 and 35 U.S. locations, with its global unit count dropping by 36. Denny’s closed about 50 locations and plans to shutter an additional 100 by 2025, targeting underperforming restaurants with annual unit volumes of $1.9 million to $2 million. TGI Fridays, before filing for bankruptcy, closed 86 restaurants, reducing its global footprint to roughly 160 locations. Red Lobster shuttered over 120 restaurants, with 100 closures before its Chapter 11 filing in May. Noodles & Co. closed around 20 locations as part of a strategic review to enhance operations and finances. Bloomin’ Brands, which includes Outback Steakhouse, closed 41 underperforming restaurants, focusing on older locations with leases from the 1990s and early 2000s. These closures reflect a broader industry trend where casual-dining chains struggled to attract customers, leading to a decline in restaurant visits and a surge in bankruptcies.
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