Denny’s, one of many fast-casual chains struggling with higher costs and changing consumer demand, says it’s closing about 150 restaurants.
The ubiquitous and popular diner chain Denny’s will close 150 locations by the end of next year amid declining revenue and changing consumer habits, the company announced Tuesday.
Known for 24/7 service and a wide selection of menu items, the company behind the 71-year-old restaurant reported lower-than-expected earnings for the third quarter and has seen shares fall nearly 50% this year.
About 50 locations are marked for closure in 2024, with about 100 more to be shut down in 2025, according to information the company released with its earnings report. The closures represent a 10% reduction in the number of locations the company operates.
Denny’s did not specify which of its roughly 1,500 restaurants would be closed, but Executive Vice President Steve Dunn said the company was targeting underperforming locations that are straining its finances.
