Pizza Hut has been around for more than sixty years, and it has expanded quite a lot during that time, reaching a total of 18,431 restaurants across the world. In America, there are nearly 7,500 Pizza Hut restaurants. Yum! Brands announced that they’d be closing around five hundred of those restaurants by 2020, getting rid of underperforming branches that weren’t meeting the necessary income quota.
Steak ‘N Shake currently has 628 restaurants, 214 of which are franchised. They have almost 21,000 employees as well. The restaurant announced that several dozen would be shutting down temporarily until they could find new franchise partners to open up shop within 2020.
Red Robin has announced it would close ten restaurants that were underperforming after it had a bad stretch, where it saw net income plummet by 85.4%. For now, they are still rejecting the suggestions of activist investors to close down the whole company.
Boston Market is a casual dining restaurant that specializes in rotisserie chicken.There were around 462 branches open as of 2013. However, that number has been whittled down, as has its employee count. Which once stood at 14,000 in the company’s heyday. Boston Market stated that it was undergoing a “multifaceted transformation plan,” which was the cause of the rapid closures.
IHOP (which stands for International House of Pancakes) is a breakfast restaurant chain that is owned by the parent company Dine Brands Global, which also owns Applebee’s. 99% of Dine Brands Global’s branches are run as independent businesses. They announced that they would be closing several dozen underperforming restaurant branches. IHOP, which has 32,300 employees total, reported a revenue of $350 million around a decade ago. It remains to see if that has lasted.
Here’s the complete story from Money Wise.