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Burger King is set to close hundreds of its stores in the United States before this year ends. The fast-food chain expects to shut up to 400 locations as some of its major franchisees have filed for bankruptcy amid the stiff competition in the market.
Burger King has been building more stores globally because sales in foreign markets continue to grow. However, the opposite is happening in the U.S. as sales here are on a decline, with two big franchisees already filed for bankruptcy.
The burger brand was not able to keep up with its rivals in the country, such as Mcdonald’s and Chipotle. On the other hand, Burger King is doing so well with its business overseas.
According to The New York Post, based on the first quarter record, the burger joint closed down around 124 stores in the U.S., and this is equivalent to 1.7% of the total number operating in the country. Its parent company, Restaurant Brands International, said during its recent earnings report that the closures left the company with less than 7,000 restaurant outlets.
RBI’s chief executive officer, Joshua Kobza, further said that Burger King is looking for more franchisees with stronger finances, but despite this, they are still expecting the closure of an additional 300 to 400 BK restaurants. The CEO stressed that normally, RBI shuts a few hundred stores every year.
The Canadian-American restaurant chain company’s executive chairman, Patrick Doyle, commented on the shutting of stores, saying, “There will always be a minority of franchisees who are not dedicated, enthusiastic operators. We will work with them to leave the system.”
Kobza added that one of the important points is the willingness of their franchisees, who owns several Burger King stores, to work with them fully and commit to applying any necessary changes.
Finally, Today News mentioned that the Burger King franchisees that have filed for bankruptcy this year are EYM King in Michigan, Toms King in Illinois, and Meridian Restaurants Unlimited in Utah. The outlets they have collectively closed numbers to more than 100 already.
Photo by: Justin Wolff/Unsplash
