Thu Oct 24 21:50:00 UTC 2024: – Denny’s plans to close 150 restaurants to improve cash flow, with 50 underperforming locations shutting down by the end of 2024 and the remaining 100 in the following year.
– Closures will focus on older venues that are difficult to remodel and those in unprofitable areas, as noted by Executive Vice President Stephen Dunn.
– Currently, Denny’s operates 1,358 U.S. locations, primarily in states like California, Texas, Florida, and Arizona, and more than 167 international locations, mostly in Canada.
– Details on which specific restaurants will close have not yet been announced.
– The decision to close these locations aims to streamline Denny’s portfolio and support future growth.
– Following a quarterly earnings report that missed analysts’ expectations, Denny’s stock saw an nearly 18% drop, contributing to a 50% decline over the financial year.
– Dunn acknowledged the difficulty of closing restaurants, emphasizing the need for strategic changes to strengthen long-term financial health for the company and its franchisees.

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