Dunkin’, McDonalds and Starbucks will close a combined 1,400 locations across the U.S., as the companies report major sales plunges amid the coronavirus crisis.
Dunkin’ (née Donuts), which reported a 20% second-quarter revenue drop, will close 800 or 8% of its retail locations by the end of 2020, including 450 Speedway outposts as the fast food chain has terminated its partnership with the gas company.
“By exiting these sites, we are confident we will be better positioned to serve these trade areas with Dunkin’s newest next generation restaurant design that offers a broader menu and modern experience,” Dunkin Chief Financial Officer Kate Jaspon told Fox Business.
McDonalds, whose revenue dropped 30% in the second quarter, will shutter 200 outposts in 2020, including all restaurants within Walmart stores, per CNBC.
99%. That’s the percentage of McDonald’s 14,000-plus U.S. retail locations open for businesses, according to the company’s second quarter investor report.
Surprisingly, revenue at Sonic soared 30% in May, according to Forbes. The company, known for its retro drive-ins, plans on rolling out covered patios with string lights and options for take-out.
Many restaurants have shifted to takeout and delivery models to survive the pandemic, according to a Harvard Business School report, though in the months of the pandemic, restaurants account for the most permanent closures on Yelp, per Forbes. The local search giant said that 26,160 U.S. restaurants on the platform have closed during the Covid-19 crisis.
Restaurant Revolution: How the Industry Is Fighting to Stay Alive (Harvard Business School)