In 2024, several restaurant chains, including Wendy’s, Applebee’s, and Denny’s, closed underperforming locations amid a decline in consumer dining out. U.S. restaurant visits dropped for the first 10 months, according to Black Box Intelligence.

Casual dining suffered, leading to bankruptcies and closures. Wendy’s closed 140 locations, Applebee’s cut 36, and Denny’s shut 50, with plans for more. TGI Fridays filed for bankruptcy and closed 86 locations. Red Lobster shuttered 120 restaurants before filing for bankruptcy.

Noodles & Co. closed 20 locations, and Bloomin' Brands closed 41, mostly Outback Steakhouse locations, as the industry faced slow sales and rising costs.

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