We know it’s a struggle for many retail chains to stay afloat. There are a lot of restaurant chains that are having trouble attracting customers as well.
Finance.alot.com has come out with a list of restaurants that might not make it through the end of the year. While no one can be 100% sure these chains will close, they have been struggling.
At one point Krystal’s was almost untouchable. After 90 years it closed dozens of restaurants, including two stores in Jacksonville. The company filed Chapter 11 bankruptcy. Now there’s a lot of crying over diced onions and even though the company claims some restaurants will remain open, there are doubts.
Chipotle has had its share of problems making people sick, literally. Hundreds of people reported getting ill eating at the restaurant. It tried catering to people with unique diets, like keto, but sales didn’t improve. This year Chipotle will close 65 stores. With all the fines and struggles with food safety, there are a lot of doubts about the future.
And Red Robin has had declining sales according to Finance.Alot.com, and that’s starting to hurt -- a lot! That along with rising labor costs forced Red Robin to close a number of stores. There are only 562 left and word is the chain is moving closer to bankruptcy.
Steak and Shake is feeling the financial “shake,” as well. After 12 straight periods of declining sales, the company is desperately searching for more investors. Word is, unless they find more money and stakeholders they may be forced to cease operations.
Other restaurants that may not make it to the end of 2020 include Ruby Tuesday’s, Checker’s and Rally’s and BJ’s Brewhouse.
And if you’re a big fan of buffets this won’t make you happy. One thing that’s painfully clear in the restaurant industry is that buffets are falling out of favor. People want quality not quantity.
Who does that define? Well, it defines Golden Corral. Seniors love the restaurant. Younger folks, not so much. Golden Corral is doing some remodeling and if they can attract new customers, they may survive. If not, we may not see the chain too much longer.