Applebee's, TGIF Fridays, and Chili's are trying to claw their way out of a restaurant death trap (EAT, DIN, BWLD) [The Business Insider]
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Source: The Business Insider
Applebee's, TGIF Fridays, and Chili's are trying to claw their way out of a restaurant death trap The casual dining industry is in hot water. 2016 was the worst year for the restaurant industry since the recession, according to data from industry tracker TDn2K. The year saw a 2.4% drop in same-store sales — the biggest decline in more than five years. The weakest link in the industry was casual dining, which was the bottom performer in all but two months of the year. And, some of the biggest names in the casual dining business are feeling the negative effects. Ruby Tuesday is in search of a new CEO and in the process of selling 95 restaurants amidst falling sales. Bloomin' Brands, the parent company of casual dining chains including Outback Steakhouse and Carrabba's Grill, announced plans in Febuary to close 43 locations after a "challenging" 2016. Buffalo Wild Wings — where same-store sales fell 2.4% in 2016 — is engaged in a power struggle with activist investor Marcato C
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