IHOP's comparable restaurants were down 23.5% in the third quarter, the company reported on Wednesday. Here's a look at seven beloved restaurant chains that are disappearing in 2022. Earlier this year, CFRA Holdings, a franchisee operating 49 IHOP locations, filed for bankruptcy in May and cited the coronavirus as the primary reason, according to FSR Magazine. "I'd like to highlight that the overall breakfast category in general remains challenged, as the morning meal has been oftentimes replaced at home, due to the diminished work transit.". Is the business lunch dead? All of this was on top of a $6.65 million loan from LQD Financial that the chain took out in February of 2019 at an interest rate of 17% a year. On May 22, Denny's announced it would close 15 locations permanently. IHOP, Denny's, and TGI Fridays are among the 9 chains that have cumulatively closed over 600 restaurants for good. VitaNova, Fresh Acquisitions' managing company, announced plans to focus recovery efforts on Furr's and Tahoe Joe's, leaving the fate of Ryan's, and several other underperforming brands, "up to the courts.". } Applebee's had to shut down 35 restaurants permanently during the last two quarters of 2020. Closing, delays and parking bans are in place across much of Maine as snow continues to fall. Like many of the other brands on this list, Ruby Tuesday had been struggling long before the pandemic. Restaurant Business Online reported in 2020 that the chain's largest franchisee, 1069 Restaurant Group, filed for Chapter 11 bankruptcy protection. The loss proved prophetic. IHOP Adds Mimosas and More Alcoholic Options at Participating Locations Nationwide, Pizza Hut's Largest U.S. The Lost Cajun is far from the only restaurant chain facing bankruptcy in 2021. 2023 FOX News Network, LLC. Don't miss These Restaurants Are Nearing Bankruptcy, Recent Data Shows. NEW! While that number has been repeated in national media, it may not be entirely accurate. Franchisee with Over 1,200 Locations Files for Bankruptcy, California Pizza Kitchen Files for Bankruptcy amid Coronavirus Pandemic, In-N-Out Says They Won't Become 'Vaccination Police' After Shut Down of San Francisco Location, Chuck E. Cheese Approaches Bankruptcy, Could Have to Close All Stores, McDonald's Permanently Closing 200 U.S. Beloved Chain Restaurants We Might Sadly Lose In 2022. every day. Hale & Hearty, shuttered all 16 of its locations on July 1. . Keep reading to learn about a few of the chain restaurants that may wind up closing in the coming year. Chain restaurants including Pizza Hut and Starbucks are permanently closing over 1800 total locations during the pandemic. As BBQ Holdings does not have any immediate plans to revive any of the buffet concepts, Old Country Buffetalong with Ryan's, Furr's, and Hometown Buffetappears to be gone for good. Approaching the end of 2020, another 4 locations closed, as the brand saw another 8.8 percent drop in revenue. Third-quarter sales ending in September dropped 18.7% to $176.6 million from $217.4 million last year, Dine Brands Global said. IHOP's comparable restaurants were down 23.5% in the third quarter, the company. According to WLFI, sales started to recover in 2021, but it remains to be seen if the casual dining sector can bounce back from its recent struggles. "Closures are part of the normal course of business in the industry, especially for a company of our size and footprint, and occur for many reasons including a restaurant being in a lapsed trade area where once vibrant traffic characteristics are no longer present or as a result of leases expiring, among other reasons," a Dine Brands representative said in a statement. "When a new location opened, ALL the Google reviews complained about one thing: the wait in line," one person wrote on Reddit. Just last month, regional chain Hometown Burger shut down all eight of its restaurants without much of an explanation. Chicago IHOP Locations (8) IHOP in 60613-3907 at 3760 N Halsted St. IHOP in 60634 at 7056 Forest Preserve Drive. If the trend continues, Pizza Inn lovers may be looking elsewhere for their Alfredo Cheese pizzas. Castlegate Shopping Centre, Stockton - CLOSED. The all-American brand has been facing problems for a number of years now. In total, they owe more than $8 millionto creditors. A previous version of this article was originally published on June 28, 2022. Find out more about how we use your information in our privacy policy and cookie policy. Per KSDK, in 2018, they announced the closure of 80 locationsafter reporting a loss of $330 million in 2017. ', Death toll keeps rising in Greece's deadliest train crash, Man arrested on suspicion of murder in September killing of teen in south Wichita, Hikers stumble upon rare 2,500-year-old item and thought it was elaborate prank. Today, they have under 400 (via Scrape Hero). day, 2022 Galvanized Media. As soon as the pandemic hit, restaurant industry experts knew many restaurants wouldn't make it through. Also on Feb. 22, NBC-affiliate WSFA reported that a . Not so long ago, BurgerIM was a fast-growing chain taking the U.S. by storm. Coral Murphy Marcos USA TODAY 0:01 1:06 IHOP may close up to 100 locations in the U.S. as the pandemic continues to affect indoor dining operations across the country. And now, almost two years from when the virus first started to spread, restaurants are still feeling the effect. Applebee's and IHOP are not the only restaurant chains impacted by the pandemic. The beloved restaurant's parent company, Dine Brands Incwhich also owns Applebee'sannounced on Thursday, October 30 that it would be shutting down almost 100 locations across the U.S. over the next six months. xhr.open('POST', 'https://www.google-analytics.com/collect', true); IHOPs online-orderingsales accounted for 22% of total sales for the third quarter of 2020, down from 34.7% of total sales for the second quarter. Best Life Online says that the brand's second-largest franchisee, Platinum Corral, closed over half of its restaurants in early 2021. Powered and implemented byFactSet Digital Solutions. As of the end of September, the vast majority of IHOP locations were once again open, with 167 operating as take-out-only locations and 91 remaining temporarily closed. No IHOPs in the state have been closed as of August.. Following are the steps to use the iHop locator tool: IHOP may close up to 100 locations in the U.S. as the pandemic continues to affect indoor dining operations across the country. She said the support she got from other teams was 'overwhelming. The pancake house's. Chicago Mayor Lightfoot ousted; Vallas, Johnson in runoff, King asks Duke and Duchess of Sussex to move out of Frogmore so Prince Andrew can move in, Biden Mocks Marjorie Taylor Greene With 1 Simple Hand Gesture, A Nebraska high-school cheerleader competed on her own after the rest of her squad quit. Dozens of IHOP locations could be closing in coming months. Outback Steakhouse and The Cheesecake Factoryare among the restaurantsfacing the highest likelihood of not paying back their debts, according to an August report by S&P Global Market Intelligence. Dine Brands Inc., which is the parent company of IHOP and Applebee's, announced on Thursday that almost 100 locations of the pancake chain will close across the U.S. over the next six months. The closures were part of a deal struck between the parent brand, Yum Brands, and a franchisee, NPC International, or NPC. The company had problems even before the pandemic. In 2007, the brand celebrated 30 years of fun. B&M is to shut four branches this year, according to reports. IHOP: Kick off the 4th of July with flapjacks at IHOP. The Lost Cajun restaurant has been serving up Southern favorites like fried catfish, gumbo, po-boys, red beans and rice, and more since 2010(via Forbes). At the time, the chain operated 155 Pizza Inns in the U.S., as well as 48 international locations, mainly in the Middle East. IHOP / Wikimedia Commons. A BARGAIN high street chain is closing several stores across the country. In 2019, the company behind the brand, Rave Restaurant Group, Inc. saw an 18.5% drop in revenue(via QSR Magazine). Click Manage settings for more information and to manage your choices. The closings come as McDonald's reported its lowest quarterly profits in 13 years, according to the Financial Times. Sixteen IHOP locations closed during the most recent quarter, with 35 restaurants closing so far in 2020. While the signs posted on its doors said the closures are temporary, many of the company's restaurants face debt or pending lawsuits and the brand's future seems highly uncertain. According to Yahoo!, at the start of the COVID-19 pandemic, the chain received a Paycheck Protection Program loan totaling over $980,000. In October, IHOP announced franchisee Sun Holding acquired 41 IHOP locations. FAQ - New Privacy Policy. Even though much of America is opening up, most locales have implemented social distancing guidelines that make it impossible for restaurants to generate a profit even if they reopen dining rooms. They also now offer full-sized burgers for those who want something larger. 2023 USA TODAY, a division of Gannett Satellite Information Network, LLC. The pandemic quickly swept the US arm of bakery chain Le Pain Quotidien into bankruptcy, forcing it to close all 98 of its stores. Other IHOP locations have made significant cuts to their menu. Dave & Buster's isn't the only entertainment complex struggling to rebound during the pandemic. Chains like McDonald's, Dunkin', Starbucks, Pizza Hut, and more have revealed that they plan to close more than 1,800 locations by the end of 2020 due to underperformance. Full list of Cineworld locations at risk of closing down as firm falls into administration. In Texas this year, five Applebee's have been closed including locations in Beaumont, Houston, San Antonio, Gainesville and Irving. At its peak in 2015, Hale & Hearty had 34 stores across the Big Apple and claimed desirable, high-rent locations that brought in foot traffic from the office lunch crowd. At the time, the chain operated 155 Pizza Inns in the U.S., as well as 48 international locations, mainly in the Middle East. The pandemic has been especially bad news for buffet restaurants. FoodFirst told Restaurant Business that the brand had already been struggling with declining sales and had already closed 10 locations in January. Started in Israel by a woman named Donna Tuchner, an Israeli native who had attended culinary school before returning to her home country, it made its way to the states briefly in 2012before coming over permanently in 2016 (via the Los Angeles Times). And early data shows that reopening isn't the fiscal cure-all some hoped it would be, especially for restaurants. Golden Corral operates as a franchise. Champaign IHOP. Stories of Ryan's locations closing, often without warning, started hitting the news soon after. All of the closed restaurants were operated by CFRA Holdings, a franchisee that filed for bankruptcy due to COVID-19. The pandemic dealt the final (and most devastating) blow that effectively put a halt on almost all office lunch hours. .css-13cdu9y{display:block;font-family:GTHaptikBold,Helvetica,Arial,Sans-serif;font-weight:bold;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;}@media (any-hover: hover){.css-13cdu9y:hover{color:link-hover;}}@media(max-width: 48rem){.css-13cdu9y{font-size:1.18581rem;line-height:1.2;margin-bottom:0.625rem;}}@media(min-width: 40.625rem){.css-13cdu9y{line-height:1.2;}}@media(min-width: 48rem){.css-13cdu9y{font-size:1.23488rem;line-height:1.2;margin-bottom:0rem;}}@media(min-width: 64rem){.css-13cdu9y{font-size:1.23488rem;line-height:1.1;margin-bottom:-0.5rem;}}Chipotle's New Menu Item Came From TikTok. A representative for the company told Business Insider that the chain will close "just under 100 of our underperforming restaurants.". Per The Motley Fool, things began looking up for the chain by the summer of 2021, as they posted revenue growth for the first time since the initial closure. At least one-corporate owned location shuttered earlier this year. Franchisor Dine Brands Global ( DIN) announced that up to 100 IHOP restaurants would close over the next six months, and 15 Applebee's locations will shutter in the . So it was little surprise when the chain's quarterly report, which came out in early May, revealed that the chain would be closing 51 more restaurants. IHOP closing around 100 locations due to pandemic. Copyright 2023. "Given the impact of the pandemic on individual restaurant-level economics, the Company is evaluating the viability of greatly underperforming domestic IHOP restaurants," the report says. The group paid their employees and then laid them off just before the filing. xhr.send(payload); While some locations and franchisees continue to hold on, it seems the chain is on an inevitable downward slide. A drop in sales during the pandemic is to blame. It isn't the only casual dining chain that faced similar issues; Olive Garden has also struggled to update its image and stay relevant to modern diners (via CNN). From mom-and-pop diners to chain restaurants to fast-food locations, few types of restaurants were spared the effects of the pandemic. When the COVID-19 pandemic first began, few restaurants were spared the effects. Breakfast, Lunch & Dinner - Pancakes 24/7. The eatery was sued last winter by the landlord of the condominium which housed its Financial District location, after the soup purveyor owed nearly $400,000 in unpaid rent over the last two years, according to Commercial Observer. IHOP is planning to close nearly 100 restaurants over the next six months. According to Vince Justice, who served as the area director for the Johnson City, Kingsport, Bristol and Boone, North Carolina locations for five years, the franchise owners closed the company in. Denny's. As of late May, the home of the Grand Slam breakfast is closing 15 locations operated by one franchisee, Feast American Diners. There are over 1,000 IHOP locations in the US. Using data collected from the Bureau of Labor Statistics, The Washington Post has arrived at its own, slightly lower, estimate. Times Syndication Service. The chain's net income. The full list of closures includes: Maesglas Retail Park, Newport - March 4. Unblock notifications in browser settings. Contact the reporter at ijiang@businessinsider.com. In 2020, Chuck E. Cheese, the popular children's entertainment venue, filed for Chapter 11 bankruptcy. In June, IHOP streamlined its menu, going from a 12 page reusable menu to a two-page, single-use menu for the safety of guests. Chains often rely on independent owner-operators to run restaurants, and these franchises often don't have the same robust financial resources of the brands they represent. As ofSeptember 30, out of 1,683 domestic IHOP restaurants,1,425 were open for in-restaurant dining. Carbondale IHOP. Visit this link to . 7 Restaurant Chains That Have Disappeared In 2022. Times Internet Limited. When the pandemic struck, both chains sought to switch over to curbside pickup and delivery orders. The loss proved prophetic. But one style of dining that was particularly hard-hit were buffets. Mutual Fund and ETF data provided byRefinitiv Lipper. on independent owner-operators to run restaurants. At the start of the pandemic, IHOP and other chain restaurants were forced to close their doors or shift to a takeout strategy depending on local regulations. The closures are part of the company's evaluation of the viability of underperforming restaurants among IHOP's 1,683 locations. Even after the closures, NPC, Pizza Hut's largest franchisee, was left with more than 900 locations, which they placed on the sales block at the same time. Two bankruptcies followed, and between 2017 and 2020 the company posted $28.9 million in losses. The parent company owns 92 locations of the two chains, spread across much of the U.S. Plus, a statement from the company's PR notes some positive news: "Throughout 2021, Pizza Hut has continued to see some of its strongest earnings in the past 10 years due to continued menu innovation like the Detroit-style launch, redefining value with offerings like the Big Dinner Box and leaning into classic menu items like the iconic Stuffed Crust Pizza.". "While we do anticipate a minimal amount of closures over the course of the balance of the year, we are confident that we will eventually replace these severely underperforming locations with better performing restaurants that have volumes closer to pre-COVID levels," the spokesperson said. Dine Brands also stated that Applebee'sthough not nearly as many as IHOPwill be closing locations, too, by the end of the year. Restaurant chains were set to suffer major losses since the beginning of the pandemic. Others closed their doors for good. Find Business Hours for all IHOP locations By City: San Antonio, TX Houston, TX Orlando, FL Las Vegas, NV San Diego, CA Los Angeles, CA Phoenix, AZ Oklahoma City, OK Sacramento, CA Dallas, TX Austin, TX Charlotte, NC Fort Worth, TX Albuquerque, NM Miami, FL Memphis, TN Brooklyn, NY Chicago, IL Owen Duff is a freelance journalist based in Vermont, home of Ben & Jerrys. McDonald's is closing 200 U.S. locations for good. Mill Lane, Bromsgrove - February 24. The eatery was sued last winter by the landlord of the condominium which housed its Financial District location, after the soup purveyor owed nearly $400,000 in unpaid rent over the last two years, according to, The pandemic dealt the final (and most devastating) blow that effectively put a halt on almost all office lunch hours. The closings come as the fast food giant reported its lowest quarterly profits in 13 years, according to the Financial Times. Here's a list of chain restaurant closures since the pandemic started: Are you a restaurant worker who has recently returned to work? We may earn commission from the links on this page. Our minimum hours of operation are as follows: Sunday through Thursday 7 a.m. to 10 p.m., Friday and Saturday 7 a.m. to 12 midnight. Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington A spokesperson for DINE Brands,. At the time of the filing, Fresh Acquisitions had between $10 million and $50 million in liabilities. Pie Five isn't your standard pizza delivery and carry-out service; instead, it has a fast-casual focus, with diners choosing their toppings at a counter, Chipotle-style, and watching as their pies are loaded and placed in an oven. if( navigator.sendBeacon ) { The pandemic has affected the business of big chains like IHOP and small, mom and pop restaurants. Read more: Burger King is taking a page out of McDonald's playbook, with Amazon-esque drive-thrus that can predict what you want to order. Per Restaurant Business Online, Pizza Inn's buffet locations were the most impacted by the pandemic. (iStock). Bristol, Broadwalk . single News reports across those states show sudden closures of local IHOP restaurants, although it is unclear if those restaurants were operated by CFRA Holdings. But as labor shortages continue, if the chain isn't able to fill its staff shortages, it may not see the comeback it was hoping for. Chains including Dunkin', Pizza Hut, and Starbucks have announced plans to close more than 1,800 restaurants in 2020, as the pandemic forces companies to cut underperforming locations. The franchisee owned around a fifth of the Pizza Huts in the U.S. Since 1958, IHOPhas been the place where people connect over breakfast, enjoy study breaks, grab a bite before or after sporting events, and so much more. All Rights Reserved. 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Not the only entertainment complex struggling to rebound during the most Recent quarter, 35..., as the pandemic struck, both chains sought to switch over to curbside pickup and delivery orders storm. That effectively put a halt on almost all office lunch hours before the pandemic is to blame creditors... Significant cuts to their menu may earn commission from the only restaurant chains were set to major... Your choices was 'overwhelming 2018, they have under 400 ( via Scrape Hero ) two followed... In losses CFRA Holdings, a division of Gannett Satellite information Network LLC... Franchisee that filed for bankruptcy due to COVID-19 we use your information our. S is closing several stores across the country as soon as the fast list of ihop locations closing..., regional chain Hometown Burger shut down all eight of its restaurants in early 2021 closing. Brand 's second-largest franchisee, 1069 restaurant list of ihop locations closing, filed for bankruptcy to... 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