Restaurant Chains That Have Closed or Gone Bankrupt in the Last Decade
The restaurant industry has faced numerous challenges in the last decade. Some chains have managed to weather the storm, while others have folded or filed for bankruptcy. This article explores notable closures and bankruptcies in the restaurant sector from 2010 to 2020.
Notable Closures and Bankruptcies from 2010 to 2020
Some notable restaurant chains have closed or gone bankrupt in the last decade due to various factors, including the economic downturn and the impact of social distancing measures during the COVID-19 pandemic.
Sizzler
One of the more notable restaurant closures was the Sizzler chain of steak houses. The last of these restaurants closed in the greater NYC area about five years ago, around 2015. Sizzler was known for its cheap all-you-can-eat Sunday breakfast buffet with made-to-order omelettes and bottomless soft drinks. Despite my personal preference for the breakfast buffet, the quality of their steaks was not up to par. The meat often turned a strange beige color when cooked, making it a less appealing option compared to other steakhouse chains in NYC.
Souplantation and Sweet Tomatoes
In May 2020, Souplantation and Sweet Tomatoes, known for their all-you-can-eat veggie and soup buffet, shut down. The chains believed they couldn't survive in the socially-distanced era of the pandemic.
Specialty’s Cafe Bakery
Specialty’s Cafe Bakery, which has been around since 1987, also succumbed to the effects of the pandemic in May 2020. The closure was largely due to the significant shutdowns during the pandemic.
Le Pain Quotidien
Another notable casualty was Le Pain Quotidien. This chain declared bankruptcy and was partially bought out by another company. Although it may have seen a partial reopening, the pandemic significantly impacted its business.
Surviving Chains that Have Closed Large Chunks of Restaurants
The restaurant industry has seen numerous closures, but some chains with a national presence have managed to survive by closing large chunks of their restaurants. These chains still exist and operate under a significantly smaller footprint.
Benihana
Benihana closed one restaurant in 2020, part of a strategy to refocus and streamline its operations. Other chains that closed in 2020 include Tad’s Steaks, Joe’s Crab Shack, and Hard Rock Cafe, all of which closed one or two restaurants.
Major Chains
Other major restaurant chains that closed numerous locations in the last few years include:
PizzaRev – Closed 4 in 2019 Tim Hortons – Closed 4 in 2019 Eat’n Park – Closed 6 in 2019 Mccormick Schmick’s – Closed 6 in 2019 Roy Rogers – Closed 7 in 2019 Pie Five – Closed 8 in 2019 Perkins – Closed 10 in 2019 Houlihan’s – Closed 11 in 2019 O’Charley’s – Closed 12 in 2019 Pollo Tropical – Closed 14 in 2018 Kona Grill – Closed 15 in 2019 Marie Callender’s – Closed 19 in 2019 Taco Cabana – Closed 19 in 2020 Potbelly Sandwich – Closed 22 in 2019 Fuddruckers – Closed 29 in 2020, 11 in 2019 Golden Corral – Closed 35 in 2020 Red Robin – Closed 35 in 2020, 10 in 2019 Bar Louie – Closed 38 in 2020 Friendly’s – Closed 43 in 2020 Luby’s – Closed 43 in 2020 Boston Market – Closed 34 in 2019 Steak n’ Shake – Closed 51 in 2020 Noodles Co. – Closed 55 in 2017 but opened 17 new ones as well Brio Tuscan Grille Bravo Cucina Italiana – Closed 71 in 2020 TGI Fridays – Closed 77 in 2020 Quiznos – Closed 100 in 2018 Ruby Tuesday – Closed 148 in 2020 Nando’s – Closed 21 in 2020 (Canada) Denny’s – Closing 15 in 2020 $m$ IHOP – Closed 49 in 2020 Starbucks – Closing 400 in 2020 but will open 300 new ones as well Dunkin’ – Closing 450 stores in 2020, all in Speedway gas stations Tooejay’s Original Gourmet Deli – Closing 2 in 2020These closures highlight the challenges faced by the restaurant industry in the last decade, especially in the face of an economic downturn and global health crises.
Conclusion
The restaurant industry has faced significant changes in the last decade. Some chains have closed or gone bankrupt, while others have managed to streamline their operations by closing locations. Despite these challenges, the industry continues to evolve and adapt to new market conditions.