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: This year, about a dozen restaurant chains, not including franchisees, have filed for bankruptcy, and several more closures are expected by the end of 2024. Reasons for this include lower consumer spending, higher labor costs, and less government funding in an industry that was heavily affected by COVID-19 lockdowns, when government-subsidized loans and grants became less available.
The reason for this can be attributed to higher labor costs, lower consumer spending, and less government funding in an industry that was heavily affected by pandemic lockdowns, as grants and government-subsidized loans become less available. Restaurant bankruptcy filings have surged so far this year, echoing a broader rise in corporate bankruptcies across sectors.
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