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IPFS News Link • Business/ Commerce

The Restaurant Apocalypse of 2024 Is a Really Bad Sign

• Organic Prepper - Daisy Luther

Americans love to eat out. But recently, many have reported that even fast food costs too much due to inflation and the demands of higher wages. Hundreds of popular restaurant chains have closed locations this year, which is concerning. You might call it the restaurant apocalypse.

When a meal for one person at McDonald's costs nearly $20, most folks would rather add that money to their ever-climbing grocery bills. People are choosing not to eat out anymore, and that is a really bad sign for the economy in more ways that one.

The workers are affected, the franchisees are affected, the landlords of the restaurant properties are affected, and then there are all the other bills that don't get paid because of the initial folks who lost income.

What restaurants are closing?

Recently, you may have heard that Red Lobster has recently closed dozens of locations with more on the chopping block. But that's not the only place shuttering their shops. They've filed for bankruptcy and many blame its ill-fated Ultimate Endless Shrimp promotion as being the straw that broke the lobster's back.

Fifteen Pizza Hut locations in Indiana closed overnight, due to a financial dispute with one of its largest franchisees. And there could be many more to come.

The dispute centres on millions of dollars in unpaid bills and puts 129 more locations in Illinois, Georgia, South Carolina and Wisconsin at risk of closure. (source)