Even with dining rooms reopening in some parts of the country, it's still nigh-impossible for casual dining restaurants to generate a profit at reduced dine-in capacity. } The franchisee owned around a fifth of the Pizza Huts in the U.S. Some locations were more successful than others; FoodFirst Global Restaurants planned to keep 21 of its most successful locations open. A drop in sales during the pandemic is to blame. Many are still struggling to recover from lost profits, pay back debts, and fill staff openings amid a labor shortage. Others closed their doors for good. "Due to the severe financial environment caused by the COVID-19 pandemic, some of our franchisees have regrettably decided to close their . The loss proved prophetic. Just last month, regional chain Hometown Burger shut down all eight of its restaurants without much of an explanation. the IHOP family restaurant chain has served our world-famous . Carbondale IHOP. Approaching the end of 2020, another 4 locations closed, as the brand saw another 8.8 percent drop in revenue. 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). 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 . A previous version of this article was originally published on June 28, 2022. IHOP, Denny's, and TGI Fridays are among the 9 chains that have cumulatively closed over 600 restaurants for good. Since then, they've been serving hungry diners piles of fried chicken, cheesy pasta, fish, and heaps of desserts as much as they can eat! document.addEventListener( 'DOMContentLoaded', function() { They had started the quarter with 104 locations; by the end, they had just 89. FoodFirst Global Restaurants, the parent company of Brio Italian Mediterranean and Bravo Fresh Italian, filed for bankruptcy in April and announced it would close 71 out of its 92 restaurants. B&M is to shut four branches this year, according to reports. The chain is reviewing underperforming restaurants, as sales slump during the pandemic. 297 S Randolph Ave . While their menus may have little in common, Applebee's and IHOP are actually sister brands (via Restaurant Business Online). It's unclear which locations were labeled underperforming and will be closed. Like Ryan's, Old Country Buffet was part of the Fresh Acquisitions portfolio auctioned off to BBQ Holdings last fall. Others are taking a slower, quieter, or more measured approach to closures. Per WCHS TV, one location in Charleston, West Virginia that had been temporarily closed since March of 2020 announced itwould never reopen in October of that year. Restaurant Business Online reported in 2020 that the chain's largest franchisee, 1069 Restaurant Group, filed for Chapter 11 bankruptcy protection. Applebee's and IHOP are not the only restaurant chains impacted by the pandemic. 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. Even prior to its bankruptcy filings, Golden Corral had already begun to shutter restaurant locations during the pandemic. IHOP CELEBRATES 61ST BIRTHDAY BY OFFERING 58-CENT PANCAKES NATIONWIDE, A spokesperson for IHOP on Thursday said the chain's take-out business iscontinuing to see improvement while brick-and-mortar closures are a result of "a restaurant being in a lapsed trade area where once vibrant traffic characteristics are no longer present or as a result of leases expiring.. 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 Walgreens location in Ridgewood, New York, closed on Feb. 21, and on Feb. 22, individual stores closed in Minneapolis, Minnesota and St. Johnsbury, Vermont, Best Life previously reported. Some shoppers say it was rampant with crime, and police visited hundreds of times last year. On May 18, Pacific Northwest chain Specialty's Bakery and Caf suddenly announced it would close all 33 locations for good after May 19. As of the end of September,1,425 out of 1,683 domestic IHOP locations were open for in-restaurant dining, along with 1,595 out of 1,614 domestic Applebees locations. GET FOX BUSINESS ON THE GO BY CLICKING HERE. Now, it seems that fun may be coming to an end. if( 'moc.sihttae.www' !== location.hostname.split('').reverse().join('') ) { However, this is likely only the beginning of a large wave of closures for casual dining concepts, which are much less likely to make it through the pandemic unscathed than delivery-oriented restaurants. Following a decline in foot traffic and a years-long lawsuit with its parent company, Nestle Caf was sold last month by Crest Foods to restaurant operator FAT Brands. 53 IHOP Restaurants in Maryland Aberdeen (1) Baltimore (1) Bel Air (1) Berlin (1) Bowie (2) California (1) Capitol Heights (1) Catonsville (1) Chester (1) Clinton (1) Cockeysville (1) College Park (1) Colmar Manor (1) Columbia (1) Dundalk (1) Edgewater (1) Edgewood (1) Eldersburg (1) Forestville (1) Frederick (2) Gaithersburg (1) Gambrills (1) "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 company had problems even before the pandemic. McDonalds is also closing 200 U.S. locations for good. Quotes displayed in real-time or delayed by at least 15 minutes. However, those pricey Manhattan leases proved a tall order and the chain closed three locations the next year after struggling to make rent. The buffet chain is one of several brands (along with Furr's and Tahoe Joe's) owned by holding company Fresh Acquisitions (formerly known as Buffets Inc.), which declared bankruptcy last April. Is The Keto Sweetener Erythritol Dangerous? Dine Brands Global, which also owns Applebees, further anticipates around 15 of the chains restaurants in the U.S. will close in the fourth quarter as a result of downsizing. We, Yahoo, are part of the Yahoo family of brands. 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. On April 1, UBS predicted that one in five restaurants may close as a result of the pandemic. 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. That figure is up from the estimated 40 to 60 locations previously slated for closure in 2017 . 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. IHOP's comparable restaurants were down 23.5 percent during the third quarter, the company reported on Wednesday. Many compared it to Panera Bread, which had opened its first restaurant ten years earlier in 1987. .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. IHOP may close up to 100 locations in the U.S. as the pandemic continues to affect indoor dining operations across the country. With most restaurants, stores, and other businesses open once more, it seems as though the world is returning to normal again after pandemic-related shutdowns. Get the best food tips and diet advice every single day, Now, you'll have the best and latest food and healthy eating news right in your inboxevery Powered and implemented byFactSet Digital Solutions. You agree & accept our Terms & Conditions to signup. Interested primarily in Tahoe Joe's, BBQ Holdings did not, at the time of the auction, have any immediate plans to revive Ryan's or any of Fresh Acquisitions' other buffet brands. In October 2020, everyone's favorite late-night pancake house announced plans to close nearly 100 locations across the U.S. (via Restaurant Business Online). As of December 2021, per Scrape Hero, just 31 locations remain open; according to Restaurant Business Online,10 locations were closed in a single quarter in early 2020. While some locations and franchisees continue to hold on, it seems the chain is on an inevitable downward slide. As such we feel they are best able to judge the appropriate hours for their IHOP. xhr.open('POST', 'https://www.google-analytics.com/collect', true); Get the best food tips and diet advice IHOP Is Closing 100 Stores Due To Covid-19, Chipotle's New Menu Item Came From TikTok, Your Privacy Choices: Opt Out of Sale/Targeted Ads. In 2021, it received an additional $1.44 million in PPP funding. "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.". Meatheads Burgers & Fries, a Chicago-based chain, declared bankruptcy in April 2021(via Restaurant Business Online). every day. "If you arrived expecting the wait, it wasn't bad at all, but surely this played a factor in many people not coming back, unfortunately for Hometown Burger.". 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. IHOP S Randolph Ave. Close. During the earlier parts of 2020, IHOP was forced to permanently close 35 restaurants as a result of the ongoing pandemic. As ofSeptember 30, out of 1,683 domestic IHOP restaurants,1,425 were open for in-restaurant dining. In May of 2020, it was announced that 71 locations of the popular Italian chain, BRIO Tuscan Grille and Bravo Italian Kitchen might not reopen, following temporary closures due to COVID-19 (via Nation's Restaurant News). Pie Five If the challenges caused by lost sales and staff shortages continue, this may not be the case. While that's good news for most of us, it might be cold comfort to the14% of all restaurants, or more than 90,000 businesses, that closed their doors as a result of COVID-19. The reasons for Pie Five's demise aren't necessarily a direct result of the pandemic. These closures represent a 95% increase over the average yearly closure rate. While other pizza chains may have thrived as more and more people opted to order food to their homes, this chain's existing financial problems only worsened in 2020 and continued into 2021 (via Forbes and FSR Magazine). As a result, many chains have decided to permanently close some stores, and some brands have decided to throw in the towel altogether. Unblock notifications in browser settings. 1. As restaurants reopen to limited dine-in capacity, TGI Friday's is experimenting with outdoor tent seating. At the time of the filing, Fresh Acquisitions had between $10 million and $50 million in liabilities. 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. Here's the full list. 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). Also join us across all of our other channels - we love to be connected! The closings come as McDonald's reported its lowest quarterly profits in 13 years, according to the Financial Times. Limited dine-in list of ihop locations closing, TGI Friday 's is experimenting with outdoor tent seating the brand saw another 8.8 drop. Are still struggling to make rent ten years earlier in 1987 ten years earlier in 1987 forced to permanently 35. In 13 years, according to reports are best able to judge appropriate! Another 8.8 percent drop in sales during the pandemic some shoppers say it was with... 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