Dunkin’, McDonalds, Starbucks to shut down 1,400 US stores
Dunkin,' McDonald's, and Starbucks will close a combined 1,400 stores in the US as they report major sales drops due to the pandemic.
Dunkin', which reported a 20 percent second-quarter revenue plunge, will close 800 or 8 percent of its retail locations in 2020, including 450 Speedway outposts as the fast-food chain has terminated its partnership with the gas company.
Dunkin Chief Financial Officer Kate Jaspon said that exiting the sites put them in a better position to serve with its newest next-generation restaurant design.
McDonald's, whose second-quarter revenue plummeted 30 percent, will close 200 stores in 2020, including all within Walmart stores.
Meanwhile, Starbucks, which suffered a net sales drop of 38 percent in the second quarter, will close 400 locations through 2021.
Instead, it will invest in mobile pick-ups and drive-thru orders.
Surprisingly, Sonic's revenue soared 30 percent in May.
Sonic, a fast-food restaurant chain known for its retro drive-ins, plans to roll out covered patios with string lights and takeout options.
According to Yelp, 26,160 restaurants in the US have closed during the pandemic as companies shift to takeout and delivery models.