10 Big Restaurant Chains That Are Going Bankrupt In 2023

Top 10 Big Restaurant Chains That Are Going Bankrupt In 2023.
The restaurant industry is particularly vulnerable during economic downturns, and this time is no different. Managing a restaurant is a tough task, and many of our beloved chains have disappeared over the years. Many of our viewers were shocked to find out that even some of the biggest chains out there, including McDonald's, Burger King, and Starbucks are shuttering multiple locations this year. That's why we decided to list other major chains that are facing mounting challenges this year, or have been at serious risk of going under for years and are now being threatened by the ongoing recession. From Taco Bell to Chipotle, and even Red Lobster, no chain is immune to the retail apocalypse.
CFRA Holdings, went bankrupt. Now, another 40 branches are on the company’s chopping block. They are located in South Carolina, North Carolina, Tennessee, and Virginia, according to the DailyMail. Recently, the chain also had to make some significant cuts to its menu to save on costs. Analysts think that its old-fashioned casual dining format may be too unappealing for new customers, which may accelerate IHOP’s demise.
At the same time, it’s safe to say that Americans aren’t happy about Taco Bell’s latest price increases, and that is taking a toll on the chain’s business. In fact, there have been quite a few health concerns within the company, but they don’t seem to be working on solving this at the moment. Recently, the company shuttered a dozen locations without much notice, and experts in the sector believe this is a very troubling sign for the chain that spent years growing and evolving.
Restaurants are some of the businesses that face the hardest times during economic recessions. When conditions get harder for everyday Americans, some of the things they immediately forgo is their usual trip to their local restaurant as they try to save on costs to be able to get by. Many chains won't survive the storm that is coming, and unfortunately, this means we may have to say goodbye to our favorite diners, pizza chains, and casual restaurants in the months ahead. If your favorite chain has made into this list, you should probably visit their locations soon because the truth is that we never know if the next time will be the last.
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