A massive restaurant’s CFO now says more locations will close in 2024 as he reveals that financial struggles caused the shakeup.
Deny’s CFO Robert Verostek blamed inflation for the 57 store closures on a February 13 earnings call.
During the call, Verostek revealed that soaring costs hit the company hard in 2023.
While Denny’s previously needed to generate $1 million to stay open, it has increased drastically to $1.2 million Verostek said.
In 2024, Denny’s plans to close more of its restaurants “as a result of those inflationary pressures,” but didn’t say exactly how many more locations may be shuttered.
However, the chain is looking to get back to a “more normalized rate” of restaurant closures in 2024, according to Verostek.
The company also plans to open up 30 new restaurants this year amid the closures.
Verostek explained that opening new locations often doubles the sales volumes of older locations.
The goal is for the new openings to make up for the dozens of units lost the previous year.
“Looking ahead to 2024, we entered the new year with a clear focus of what we know is resonating with our consumers and a laser-like focus on our three strategic areas of focus,” Kelli Valade, President and Chief Executive Officer chimed in during the call.
“These are a best-in-class breakfast with craveable items, an unbeatable value proposition, and convenience in the form of unique off-premise options.”
While the new openings are exciting, customers are still dealing with the loss of their local Denny’s, reports The-Sun.
Most recently, the store has closed its location in Chubbuck, Idaho, near the southeastern portion of the state, over the weekend.
A statement from Denny’s explained that the restaurant closed for good on Sunday, February 11, per East Idaho News.
For more news and updates like this, opt-in for push notifications.
Also Read: Another Popular Restaurant Now Declares An Unexpected Bankruptcy
Other Economy News Today
A famous restaurant chain now closes 4 locations in Florida in an abrupt fashion, with confirmations being made on social media.
Tijuana Flats shuttered several Jacksonville, Florida, locations, with some customers being notified by a sign left on the front door, reports The-Sun.
The national fast-casual restaurant is known for its made-to-order Tex-Mex classics like burritos, tacos, nachos, and a hot sauce bar.
These closed locations were in Lakewood, Mandarin, Bartram Park, and Ortega Village, according to the site Jacksonville.com.
The chain, known for its tag line “Tex-Mex for all,” had been long established in the Jacksonville area as the now-closed restaurants had been in place for years.
Its Lakewood location announced the news with a homemade sign that was taped to the front door on Sunday, February 18.
“This location is closed,” the note said.
“Please visit our Riverside location at 2025 Riverside Ave. or our Baymeadows location at 9942 Old Baymeadows Rd.”
All four of these locations have now been removed from the restaurant’s website and are listed as “permanently closed” on Facebook.
Tijuana Flats has more than 110 restaurants across the South but most of its locations are in Florida, according to the monitor site, ScrapeHero.
The chain still has seven remaining restaurants in the Jacksonville area, according to its website.
Despite these closures, Tijuana Flats is set to open a new location in Palm Coast, around 60 miles south of Jacksonville, on February 26, according to the Observer Local News.
The chain’s vice president of marketing, Curtis Cattanach, said the company was looking to stay prominent in this part of Florida.
“Tijuana Flats has been diligent in its efforts to increase the number of locations on the east coast, and this is a strong example of that,” Cattanach said.
For more news and updates like this, opt-in for push notifications.
Also Read: A Cosmetics Company Now Makes Painful Store Closures
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.