Like with retail, the restaurant industry is struggling to stay afloat. Whether it’s because these places can’t attract customers or because of poor spending habits, tons of big-name stores won’t make it through this year. Many are making radical changes to attract new customers, like the IHOb campaign, while others are just biting the bullet and closing locations.
Regardless, we’re not sure it’ll help in the long run. These restaurants are trying their best, but when you get down to the nitty-gritty, these brands just can’t cut it in the tough industry today. Things have shifted quite a bit thanks to a new group of consumers looking for something healthy and fresh for dinner, rather than the microwaved stuff you can get from Applebee’s.
While we can never be 100% certain, we’re guessing that these restaurants won’t make it through the year. Hey, look on the bright side. These places have had a good run, right?
Over the last year or so, Bar Louie has been closing locations like crazy. Then, the reason became quite clear. The restaurant had been losing money while expanding too quickly. The chain filed for bankruptcy, and many of the stores it planned to open were scrapped.
After filing for Chapter 11, the company shuttered 28 of its 134 remaining stores across the country. Two of those locations were in the Chicago area, where the company started in 1990. The bankruptcy papers show that the company is over $100 million in debt.