A Popular Restaurant Chain Makes An Unexpected Closure in Virginia

A popular restaurant chain makes an unexpected closure in Virginia after rumors circulated of possible shutters nationwide.

A popular Chili’s location in central Virginia has shut its doors for good.

The chain previously told The U.S. Sun that Chili’s corporate owner Brinker International is “financially healthy, strong, and not at risk of failure or bankruptcy”.

Chili’s also took to social media to insist “We’re not going anywhere”.

The Richmond location, located on the ground floor of the Cary & Belvidere dormitory at Virginia Commonwealth University closed earlier this month.

A VCU spokesperson confirmed to Richmond Bizsense that the last day of business for the Chili’s was May 10.

The location had reportedly been open for 16 years, and was a staple in the 407-bedroom building.

City records reviewed by Richmond Bizsense show the restaurant took up around 6,500 square feet in the building.

The Chili’s location was also home to the company’s ghost kitchen It’s Just Wings.

It was not immediately clear why the location closed its doors or what would be replacing its space in the building.

There are three other Chili’s locations still in and around Richmond, located off Brook Road and in Chester and Midlothian.

Concerns about Chili’s financial stability began after a blog post on Taste of Country claimed, “Chili’s is shutting doors across America in 2024”.

Chili’s has refuted these claims telling The U.S. Sun “Brinker International is financially healthy, strong, and not at risk of failure or bankruptcy.

We refute the claims Creditsafe made regarding Brinker’s financial position and health.”

Chili’s went on to add that its parent company has grown in sales in fiscal 2024 so far, exceeding revenue from 2023.

“This significant cash flow from our operations also allowed us to voluntarily reduce debt on our revolving line of credit by $110 million in the first three quarters of fiscal 2024,” the Chili’s spokesperson said.

“Brinker is confident in our ability to continue to pay any upcoming debt maturities and the strength of our balance sheet.”

Despite the revenue, the Richmond location is not the only Chili’s restaurant shutting down.

Earlier this month, the manager of a South Portland, Maine location confirmed it was closing on May 7.

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Popular Restaurant Chain Makes An Unexpected Closure in Virginia.
Market News Today – A Popular Restaurant Chain Makes An Unexpected Closure in Virginia.

An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.

TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.

This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.

The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.

Today, Fridays will welcome in famished diners at its location in Brick for the final time.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”

Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.

“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.

“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.

Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.

The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.

Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - A Popular Restaurant Chain Makes An Unexpected Closure in Virginia.
Market News Today – A Popular Restaurant Chain Makes An Unexpected Closure in Virginia.

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