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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 ...
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 ...
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.
A restaurant that is to-go only due to laws created to stop the spread of the coronavirus. In March 2020, restaurants' daily traffic dropped precipitously as the virus spread, compared to the same period in 2019. [25] According to NPR's Yuki Noguchi, "Just about every restaurant nationwide has been hit hard at once, making this disaster unique."
Over a year later, reports emerged that Party City was struggling to maintain operations and actively mulling over a second bankruptcy filing, [238] and liquidation of its stores. [239] On December 20, 2024, the chain officially announced that it would shut down operations and close its near-700 stores effective immediately. [240] [241]
The COVID-19 pandemic exacerbated many issues affecting retailers, as many were forced to shut down due to non-pharmaceutical interventions that were issued in an effort to mitigate the pandemic. [35] At the same time, online shopping boomed during the coronavirus-related lockdown, even though it came back down starting in 2022. [36]
Full-service chains like Red Lobster, TGI Fridays and others are having a hard time
Rubios in the California Bay Area after the 2024 shutdowns. Rubio's locations in Utah were closed in 2019. [citation needed] [original research?] In June 2020, Rubio's Coastal Grill told Nation's Restaurant News about the closure of all their Florida and Colorado store locations, a total of twelve, due to the negative business impact of the coronavirus pandemic.