Krispy Kreme and Boston Market Out
The gloss is off the glaze at Krispy Kreme locally. And it’s not the only restaurant business facing challenges in this economy. Read More Read More →
How the mighty have fallen: 24 more restaurant closures
Since our last report on restaurant closures in August, the wake of the worst economic storm in decades has forced scores of eateries to shut their doors forever. This roundup is as broad as it is long, with stalwarts falling beside start-ups, and takeout chains closing alongside legendary dining rooms. Here, our sad look back at two dozen of Toronto’s former restaurants. Read More Read More →
Bankruptcy for Burger King franchisee
A major Brooklyn Burger King franchisee, AJA New York Restaurant Holdings, filed for Chapter 11 bankruptcy protection. Citing assets between $1 million and $10 million, and liabilities in the same range, the company owes money to fewer than 50 creditors. Read Article Read More →
Sysco Profit Falls Amid Lower Revenue, Higher Bad-Debt Expense
“Sysco Corp.’s fiscal fourth-quarter earnings fell 5.6% on declining revenue and increased bad-debt expense as lower demand from the struggling restaurant industry continues.” Read Article Read More →
Upscale chains are taking heavy hits
“High-end restaurant results are hitting new lows as slowed consumer spending and continuing budget cuts by corporate clients eat away at earnings.” Read Article Read More →
Ruth’s Hospitality Q2 revenue down 22%
Ruth’s Hospitality Group Inc. reported shrinking revenue, net income and comparable sales at its corporate-owned restaurants for the second quarter of this year in its quarterly report to the U.S. Securities and Exchange Commission. Read Article Read More →
U.S. Restaurants Show Largest Decline in 28 Years
“Restaurant traffic declined by 2.6 percent in the three months ending May 31 compared to a year ago, the sharpest decline in industry traffic since 1981, according to market research firm the NPD Group.” Read Article Read More →
Restaurant Recession Tally: 4,000 Fewer Restaurants Than A Year Ago; Fine Dining Hit Hardest
“On Tuesday, the NPD Group, a Chicago-based market research company, released its spring 2009 report, an annual census of commercial restaurant locations in the United States compiled in the spring and fall each year, which showed a decline of 4,000 restaurants nationwide from the previous year.” Read Article Read More →
