Three Massive Restaurant Chains Now Begin Closing Locations

Three massive restaurant chains now begin closing locations as executives state plunging sales are the primary blame.

TGI Friday’s, Chili’s, and Hooters, are closing a total of 38 locations nationwide, reports The-Sun.

Bosses have cited a slump in sales as a reason for the closures, but some customers blame other issues.

TGI Fridays shocked the restaurant business earlier this month when it announced the closure of 36 locations nationwide.

The decision affects restaurants in 12 different states, including seven locations in New Jersey, six in Massachusetts, and five in New York.

President and COO of TGI Fridays Ray Risley described the closures as “opportunities to optimize and streamline our operations” in a press release.

Many of the restaurants have already closed, with signs on the doors informing customers that their old eatery is now gone.

Meanwhile, competitor Chili’s has closed down one restaurant this month.

Diners enjoyed their last meals at the location in the Arboretum shopping center in Charlotte, North Carolina on January 9.

The reason for the closure has been attributed to an expiring lease, a spokesperson for the restaurant chain told the Charlotte Observer.

But locals on a Reddit community for Charlotte have said the location was repeatedly understaffed.

“Not surprising,” wrote one former customer.

“Randomly stopped at this location a few months ago… they were turning people away at the door because the only wait staff they had was the bartender.”

The “breastaurant” industry is not immune to closures either, as Hooters in Lafayette, Louisiana, suddenly closed down this week.

The shutdown was completely out of the blue, with employees showing up to work on Tuesday, January 9 only to find out they no longer had a job.

One employee told local ABC affiliate KATC: “Managers didn’t mention anything.

“As far as I know, our managers didn’t know about the situation. It was a complete shock.”

For more news and updates like this, opt-in for push notifications.

Also Read: SNAP Benefits Will Now Increase For The Year 2024

Other Economy News Today

Market News Today - Three Massive Restaurant Chains Now Begin Closing Locations.
Market News Today – Three Massive Restaurant Chains Now Begin Closing Locations.

A major grocery store in Texas now makes an unexpected closure, resulting in filing a WARN notice advising of upcoming layoffs.

The Tom Thumb grocery store located at 4000 William D. Tate Ave. in Grapevine is set to permanently close by the end of February.

And unfortunately for the grocery stores employees, they are all scheduled to be laid off.

It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.

These must be filed with the Texas Workforce Commission.

A notice was filed last week advising that a total of 71 staff at the store will lose their jobs on February 17.

The choice to close the store was influenced by the timing of its lease renewal and the presence of other nearby stores under the same corporate umbrella, according to the company.

The company also said that it remains committed to the North Texas market.

In fall of 2022, Kroger announced plans to acquire Albertsons for a whopping $24.6 billion.

If approved, the merger could mean divesting 30 Texas grocery stores.

Last year, 224 companies filed WARN notices, resulting in over 24,000 people in Texas losing their jobs.

However, the Federal Reserve Bank of Dallas says, “WARN layoffs account for only 2.2 percent of the total Texas layoffs reported by the Bureau of Labor Statistics Job Openings and Labor Turnover Survey.”

According to the survey, about 155,000 workers per month were laid off in Texas.

Experts weigh in stating layoffs may continue this year.

A recent survey of 906 business leaders nationwide by ResumeBuilder found that 38% expect layoffs to continue in 2024.

For more news and updates like this, opt-in for push notifications.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Market News Published Daily 📰

Market News Today - Three Massive Restaurant Chains Now Begin Closing Locations.
Market News Today – Three Massive Restaurant Chains Now Begin Closing Locations.

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)InstagramFacebook, 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.



2 Comments

  1. Frank Nez

    Leave your thoughts below.

  2. Frank Nez

    For more news and updates like this, opt-in for push notifications.

© 2024 Franknez.com

Theme by Anders NorenUp ↑