The first half of 2024 was incredibly challenging for the restaurant industry, which continues to face rising labor and operating costs and declines in traffic.
Several casual chains, including TGI Fridays, Bloomin’ Brands, Hooters and Denny’s closed underperforming locations. Red Lobster closed roughly 100 locations and then declared bankruptcy. The bankruptcy of the full-service seafood chain was among the most dramatic during the first half of the year — the culmination of years of growing debts and costs and declining cash flow punctuated by an Ultimate Endless Shrimp offer that led to millions in losses.
Other chains, including Rubio’s, Tijuana Flats and Sticky’s…
