“Like many restaurants under pressure from current market conditions, Hooters has made the difficult decision to close a select number of underperforming stores,” a spokesperson told CNN. Accounting for the closures, Hooters has about 300 global locations — a nearly 12% decline since 2018, per Technomic, a restaurant consulting firm. In that time prices ticked up 0.2% at limited service spots, which include fast casual and fast food joints. The increases, particularly in fast food prices, have caused customers to pull back on spending and complain online, eroding the sector’s reputation for affordability. It’s not just Hooters feeling the financial brunt from cash-conscious customers: Applebee’s, TGI Fridays, Boston Market, California Pizza Kitchen and bankrupt Red Lobster have all recently closed restaurants.

Source: CNN June 24, 2024 16:07 UTC