Restaurant chains and operators are slated to have their most bankruptcies in decades apart from 2020, a Wall Street Journal analysis of Chapter 11 filings found Monday.
The bankruptcies seen this year are rivaling those seen during the COVID-19 pandemic in 2020, when restrictions and other pandemic-related disruptions caused the industry’s sales to fall $240 billion, according to the WSJ. The surge in bankruptcies comes as prices have increased over 20% since President Joe Biden took office in January 2021, raising operational expenses for restaurants and making customers less inclined to eat out.
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