casual_dining

Financing

At The Cheesecake Factory, prices rise and traffic falls

Prices were up 10.5% in the second quarter, with additional hikes to come. The chain believes its customers can handle it.

Financing

Applebee's to close more restaurants than it expected this year

The chain said it will finish 2023 with 25 to 35 fewer U.S. locations after identifying more underperforming stores.

After wages and other costs have taken off, operators have responded by adding extra charges to the bill. The move risks alienating consumers and attracting regulatory scrutiny. But operators say they don’t have a choice.

Owner Bloomin’ Brands now plans to reinvest some of the earnings into boosting traffic, which fell 4% in the second quarter.

He’s returning to Paulson & Co., the private-equity firm that owns the chain. P.F. Chang’s board member Rohit Manocha will take over on an interim basis.

The chain continued a traffic tear, but rising wages and beef prices dragged down its margins again.

The 216-unit chain said remodels are helping traffic, and that it now plans to do more of them.

The Charlotte, N.C.-based casual-dining chicken wing chain sought Chapter 11 debt protection, citing the impact of the pandemic and an inability to restructure its debt. The company closed 15 locations.

The 32-unit steakhouse chain is waiving delivery fees for customers that order direct, choosing to absorb the considerable cost itself.

The longtime Brinker executive, industry veteran and onetime presidential speechwriter will step down at the end of August.

  • Page 5