Restaurant Owner Now Says Prices Are Too High For People

A restaurant owner now says prices are too high for people, citing a reason for the various closures happening nationwide.

The former CEO of Hardee’s (Carl’s Jr.) has revealed the possible reason behind the closures.

Famous for their made-from-scratch biscuits and thick burgers, Hardee’s boasts over 1,800 locations worldwide.

However, that number is gradually decreasing, reports The-Sun.

Hardee’s has shut down even more locations across the US, including five in Central Illinois.

Shutdowns occurred in Champaign, Chatham, Monticello, Springfield, and Virden.

In Southern Illinois, Hardee’s also closed locations in Carterville and Du Quoin, as reported by as reported by Missouri-based CBS affiliate KFVS.

Besides the closures in Illinois, Hardee’s also shut down a restaurant in Spring Hill, Tennessee, per Williamson Source.

The company did not disclose the reason for these closures.

Other Hardee’s locations in Illinois will remain open, and customers can find their nearest restaurant by visiting the company’s website.

Andy Puzder, the former CEO of the parent company behind fast-food brands Hardee’s and Carl’s Jr., gives a possible explanation for these closures as prices chain prices surge.

“As more restaurants close, there’ll be more customers for fewer restaurants,” he said in an interview with Fox Business.

“But people just can’t afford these prices,” Puzder added.

“And there’s only so much you can do to reduce prices.”

At the end of June, McDonald’s will introduce a $5 meal deal that will last for four weeks.

This follows their recent decision to allow franchise owners to charge customers for drink refills.

In a competitive move, Burger King announced their own $5 meal deal last week, which will start earlier and run longer than McDonald’s promotion.

Meanwhile, Wendy’s rolled out a $3 breakfast deal this month.

Fast food chains in California are increasing prices due to a new law requiring a $20 minimum wage for fast food workers.

McDonald’s also reported lower-than-expected Q1 results for 2024.

This resulted in a drop in international franchised markets, the first since the Covid-19 pandemic began in 2020.

“It was hard when I did it,” Puzder said to the outlet.

“It’s a very competitive business, you’re really out there, it’s very cutthroat.”

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

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Market News Today - Restaurant Owner Now Says Prices Are Too High For People.
Market News Today – Restaurant Owner Now Says Prices Are Too High For People.

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 - Restaurant Owner Now Says Prices Are Too High For People.
Market News Today – Restaurant Owner Now Says Prices Are Too High For People.

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