{"id":2255048,"date":"2024-05-29T13:38:01","date_gmt":"2024-05-29T17:38:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-fast-food-ceo-predicts-more-restaurant-closures-due-to-inflation\/"},"modified":"2024-05-29T13:43:08","modified_gmt":"2024-05-29T17:43:08","slug":"former-fast-food-ceo-predicts-more-restaurant-closures-due-to-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-fast-food-ceo-predicts-more-restaurant-closures-due-to-inflation\/","title":{"rendered":"Ex-CEO forecasts increased restaurant closures amid rising inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fformer-fast-food-ceo-predicts-more-restaurant-closures-due-to-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2255048&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Andy Puzder, former CEO of CKE Restaurants, predicts\u2064 a \u2064rise\u2062 in restaurant closures due to customer affordability issues and \u200cincreasing inflation pressures. Concerns over the impact of inflation on the industry have heightened, with Red Lobster recently filing for bankruptcy. Puzder highlights \u200bthe challenge of rising <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/los-angeles-lifeguard-made-392000-in-2020-thanks-to-public-sector-union-policies\/\" title=\"Los Angeles Lifeguard Made 2,000 in 2020 Thanks To Public Sector Union Policies\">employment costs<\/a>, \u2063foreseeing more closures in the future. Your summary effectively encapsulates Andy Puzder&#8217;s forecast regarding the potential increase in restaurant closures due to \u200dvarious financial challenges. The mention of Red Lobster&#8217;s recent bankruptcy filing adds a relevant example \u200dto illustrate the point. Good job \u200con\u200b capturing the key details\u2064 concisely.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div data-td-block-uid=\"tdi_78\">\n<p>Former CKE Restaurants CEO Andy Puzder has predicted that the restaurant industry will see more closures in the near future, as their customers \u201cjust can\u2019t afford\u201d modern prices.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/tag\/inflation\/\" target=\"_blank\" rel=\"noopener\" title>Inflation<\/a> and its impacts on <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/fast-food\/\" target=\"_blank\" rel=\"noopener\" title>the restaurant industry<\/a> have become a growing concern in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/flashback-teacher-sues-school-board-after-being-fired-he-refused-to-compromise-on-trans-pronouns\/\" title=\"Flashback: Teacher Sues School Board After Being Fired \u2013 He Refused To Compromise on Trans Pronouns\">recent years<\/a>, as Red Lobster just announced earlier this month that <a href=\"https:\/\/www.washingtonexaminer.com\/news\/business\/3009704\/red-lobster-files-bankruptcy-closing-several-locations\/\" target=\"_blank\" rel=\"noopener\" title>it is filing for bankruptcy<\/a>. Puzder, who once was in charge of the parent company of Hardee\u2019s and Carl\u2019s Jr., explained that he believes more restaurant closures are on the way, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gamestop-stock-plummets-but-reddit-rebellion-sparking-war-on-big-money-investors\/\" title=\"GameStop Stock Plummets But \u2018Reddit Rebellion\u2019 Sparking War On Big Money Investors\">partly due<\/a> to rising employment costs.<\/p>\n<p>\u201cMiddle-performing restaurants are going to go away,\u201d Puzder said on Fox Business\u2019s <em>Varney &#038; Company<\/em>. \u201cVery good-performing restaurants will become midland or low-performing restaurants. As more <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/waltz-bidens-neanderthal-comment-is-liberal-elitism\/\" title=\"Waltz: Biden\u2019s Neanderthal comment is \u2018liberal elitism\u2019\">restaurants close<\/a>, there\u2019ll be more customers for fewer restaurants. But people just can\u2019t afford these prices. And there\u2019s only so much you can do to reduce prices.\u201d<\/p>\n<p>Puzder specifically noted how restaurants in California could have a hard time staying profitable, as one restaurant CEO he spoke to told him he plans to have employees outside the state take orders from drive-thru customers to keep employment costs down. The Golden State\u2019s<a href=\"https:\/\/www.washingtonexaminer.com\/policy\/healthcare\/3019564\/california-democrats-try-delay-25-hour-pay-bump\/\" target=\"_blank\" rel=\"noopener\" title> minimum wage is $16 an hour<\/a> and is set to increase to between $18 and $23, depending on the job and healthcare provider.<\/p>\n<p>After filing for bankruptcy, Red Lobster issued a statement clarifying what the term bankruptcy means, adding that <a href=\"https:\/\/www.washingtonexaminer.com\/news\/business\/3011692\/red-lobster-says-it-is-not-going-out-of-business-after-filing-for-bankruptcy\/\" target=\"_blank\" rel=\"noopener\" title>it does not mean it is going out of business<\/a> and is instead planning to \u201cwrite a new chapter\u201d going forward. Court filings revealed that the company has more than $1 billion in debt, compared to the $30 million in cash on hand.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\" title>CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<p>Various fast-food chains <a href=\"https:\/\/www.washingtonexaminer.com\/news\/business\/3005177\/struggling-restaurants-announce-deals-lure-customers\/\" target=\"_blank\" rel=\"noopener\" title>have introduced deals<\/a> in an attempt to woo back once-loyal customers who have stopped visiting due to the increased prices of meal items. Pizza Hut, for instance, is offering customers a choice of several personal pizza options with a side and a drink for $6.99.<\/p>\n<p>Next month, McDonald\u2019s is introducing <a href=\"https:\/\/www.cnbc.com\/2024\/05\/15\/mcdonalds-5-value-meal-starts-june-25-last-about-a-month.html\" target=\"_blank\" rel=\"noopener\" title>a $5 meal deal<\/a>, which will give customers a choice between a McDouble cheeseburger or a McChicken sandwich paired with a side of fries, chicken nuggets, and a soda. This offer, however, will only be available for one month, starting June 25.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Andy Puzder, former CKE Restaurants CEO, anticipates a surge in restaurant closures as customers struggle to afford current prices. Inflation&#8217;s effect on the industry is a pressing issue, with Red Lobster recently revealing plans for closures<\/p>\n","protected":false},"author":2632,"featured_media":2255049,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/05\/AP20189580368692-1024x683.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2255048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/05\/AP20189580368692-1024x683.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2255048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2632"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2255048"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2255048\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2255049"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2255048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2255048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2255048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}