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Full-service chains like Red Lobster, TGI Fridays and others are having a hard time
Amid escalating operational costs and changing consumer behaviors, the U.S. restaurant industry faces unprecedented closures, with financial strain evident across famed chains and local eateries.
O’Leary notes while some restaurants have had to scale back or even declare bankruptcy, others are moving to less expensive locations or turning into commercial kitchens that specialize only in ...
Prior to the 2020 closures, the company had 170 restaurants coast-to-coast. [11] In October 2020, the chain filed for Chapter 11 bankruptcy. [12] On May 31, 2024, the chain closed 48 stores in California (including 13 in its hometown area of San Diego) [13] out of an original 134 in California, Arizona and Nevada. [14]
California’s tax policies are among the most punitive in the nation. The state imposes a top marginal income tax rate of 13.3% — the highest in the country — and a corporate tax rate of 8.84 ...
The US restaurant industry was projected at $899 billion (~$1.04 trillion in 2023) in sales for 2020 by the National Restaurant Association, the main trade association for the industry in the United States. [2] [3] An estimated 99 percent of companies in the industry are family-owned small businesses with fewer than 50 employees. [4]
August 26, 2024 at 12:55 PM. ... California in May 2024. Red Lobster declared bankruptcy that month, and announced that more than 100 locations would close. ... Restaurants in general have had a ...
Carlsbad-based Rubio's said it would keep operating 86 remaining restaurants in California, Arizona and Nevada. ... abruptly shuts down 48 restaurants in California. Don Lee. June 3, 2024 at 10:01 AM.