⚠️CHART OF THE WEEK: US large restaurant bankruptcies are rising
Restaurant chains with $20+ million in revenue that filed for bankruptcy hit the highest level in 4 years
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15 large restaurant chains with $20+ million in revenue have declared bankruptcy year-to-date, the most since the 2020 COVID crisis.
This is up 150% from 6 recorded last year.
Restaurants struggle as consumers pull back on dining out spending due to historically high prices. Restaurants have been also hit by elevated interest rates (weighing on the ability to pay out debt) and rising labor and other costs like rent or utilities.
According to Black Box Intelligence, restaurant prices have increased by ~44% over the last decade.
Since 2020 alone, food away from home prices jumped by 29%.
You can find the list of firms that filed for bankruptcy below:
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