A popular restaurant now makes an unexpected closure in Texas, leaving one of its cities with its last location.
Denny’s has confirmed its abrupt closure in the city of Lubbock, Texas.
“This Denny’s Restaurant is permanently closed,” a sign read, encouraging them to instead visit the other Denny’s in the area about 5 miles away.
Lubbock has a population of 263,930, according to the 2022 census, and is the 10th most populated city in Texas.
This means that nearly all 300,000 residents in the area will be forced to go to one location, potentially causing long waits and a drop in service quality.
Since 2020, Denny’s has been on a nationwide downturn, closing almost 60 locations across the country just last year alone.
But it doesn’t stop there, reports The-Sun.
Last month, Denny’s revealed it shut down another 25 restaurants in the first quarter of this year alone, almost half the number of last year’s closures.
The reason for these closures, according to Denny’s chief financial officer Robert Verostek, is that the franchise is struggling to recoup financially after surviving the pandemic.
During February’s earnings call for 2023’s last quarter, Verostek revealed that customer traffic declined by roughly 6% compared to the same time in 2022.
Traffic also dropped by another 6% in the first three months of 2024, Restaurant Business Magazine reported.
In order for a Denny’s to be profitable enough to sustain itself, it would need to rake in at least $1.2 million in annual sales, Verostek added.
Thomas Pilbeam, a franchisee who operated 27 different Denny’s restaurants throughout Michigan, Ohio, and Kentucky, says his units experienced “substantial growth” from 2009 to 2019.
But in 2020, the coronavirus pandemic upended the industry.
Pilbeam, along with many other business owners, were hit by severe economic challenges due to the pandemic.
This, combined with other ongoing challenges – such as increased labor, food, and delivery costs, as well as required renovations and post-pandemic trends toward delivery – added to his financial troubles.
For more news and updates like this, opt-in for push notifications.
Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing
Other Economy News Today
A popular Italian restaurant now announces an unexpected closure after nine years in business, according to an email sent to customers.
Italian Eatery, located in south Minneapolis, Minnesota, told its long-time customers that it planned to shut its doors.
The beloved restaurant, also known as ie, also plans to close its sister restaurant un dito, known for its Sicilian seaside street food, per The US Sun.
They have not announced a closing date but are expected to close between late May and mid-June, according to Bring Me The News.
“As we prepare to close our doors at ie and un dito, we’d like to extend a heartfelt invitation for you to join us for our final months of service,” an email to customers from Carrara $ Co. read.
“Gather with us at the table and let us reminisce over the incredible memories we’ve created together and cherish the moments shared over the past nine years.”
Italian Eatery has been a popular spot since its opening in 2016 and is known for its full-service drinks and dining near Lake Nokomis.
Un dito is a 400-square-foot space that specializes in sips and snacks or afternoon gatherings like you would see in Italy, according to its website.
The restaurant’s “Last Supper” reservations will be released every week and shared in weekly newsletters, according to its website.
“As always, we will continue to reserve walk-in tables at both ie + un dito for our beloved neighborhood,” the announcement read, according to the outlet.
Carrara & Co. also owns due, a focacceria and Italian market in St. Paul, Minnesota that the company calls “Italian Eatery’s spawn, aka quirky little brother,” according to its website.
Despite the Minneapolis closures, due will remain open.
“I’m pleased to inform you that all other Carrara & Co operations remain unaffected, including Due Focacceria, and we are even expanding our services,” according to a statement, reported by NBC affiliate KARE.
For more news and updates like this, opt-in for push notifications.
Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy
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.
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.