The popular restaurant chain Denny’s is set to close nearly 30 locations amid concerns regarding inflation and the bird flu.
Robert Verostek, the company’s chief financial officer, said in a call with investors that the chain may close as many as 90 restaurants this year, the New York Post (NYP) reported Friday. Executives said inflation is to blame for the pullback in sales. Inflation rose in January as the Consumer Price Index went up to 3%, the Bureau of Labor Statistics announced Wednesday.
“In any mature brand, when restaurants have been open that long, it is natural that trade areas can shift over time,” Kelli Valade, CEO of Denny’s, said during a call. “Accelerating the closure of lower-volume restaurants will improve franchisee cash flow and allow them to reinvest into traffic-driving initiatives like our tested and proven remodel program.”
The exact locations…
