Denny's to close dozens more restaurants in 2025
(NEXSTAR) — Denny's was already planning on closing 150 low-performing restaurants by the end of 2025, but now the company says even more locations will shutter this year.
In October, the company indicated that the 150 closures — about half of which occurred in 2024 — were part of an attempt to turn around its flagging sales. At the time, Stephen Dunn, Denny's executive vice president and chief global development officer, said that some of those restaurants were no longer in good locations.
'Some of these restaurants can be very old,' Dunn said during the October investor meeting. 'You think of a 70-year-old plus brand. We have a lot of restaurants that have been out there for a very long time.'
List: The more than 500 JOANN stores expected to close amid second bankruptcy filing
In an update to investors on Wednesday, Denny's said 88 restaurants were closed throughout all of 2024, with 30 coming during the fourth quarter.
In 2025, the company plans to close between 70 and 90 restaurants. A list of exact locations expected to close was not immediately available.
'In any mature brand, when restaurants have been open that long, it is natural that trade areas can shift over time,' Robert Verostek, the company's chief financial officer, said during a call with investors. Some of these closures, he added, are restaurants with expiring leases.
Kelli Valade, the chief executive officer of Denny's, said the company, which also owns Keke's restaurants, had 'made significant progress in our strategy to enhance the overall health of our flagship brand by accelerating the closure of lower-volume restaurants' in addition to roughly two dozen remodels. Denny's also expects to open between 25 and 40 new locations this year.
Denny's also expected 'a sense of normalcy ahead' regarding consumers, who had been spending differently in light of the COVID pandemic and high inflation. Verostek, however, noted that there 'has been a shift in consumer sentiment and a slowing that persisted through the remainder of January and has seemingly accelerated in the last few weeks given the evolving macro environment.'
According to Valade, the company expects this shift to be 'temporary.'
Inflation, however, is trending up, the latest report from the Labor Department shows. There are also egg costs, which have climbed so high fellow breakfast-focused chain Waffle House has added a surcharge to egg orders. Verostek said Denny's is working with its suppliers to 'ensure minimal disruptions' in that department.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
40 minutes ago
- Business Insider
I applied to over 600 jobs before pulling off my career switch. Here's how I did it.
Royal Siu, who lives near Los Angeles, quit his job as a pharmacist in 2023 with hopes of moving to a different part of the healthcare industry. The 29-year-old eventually landed a new role, which he started in April. Siu's search took nearly 18 months and involved applying to hundreds of jobs. The following has been edited for brevity and clarity. In my old job as a pharmacist, I was robbed at gunpoint. After that, I committed to moving into the biotech or pharmaceutical industry, which is where I'd always wanted to go anyway. I graduated with my PharmD during COVID, so there really weren't too many possibilities. When the robbery occurred, I had some years of working in the pharmacy under my belt, so I thought, let me go ahead and make the switch. At the end of September 2023, I quit my job. For the first few weeks, I relaxed and saw some friends. After that, I started my deep dive into the application process. I wanted to keep a job application tracker so that at the end, I could see how the overall journey was. My goal was to also use the tracker to see where I was slipping up, where my faults were, and how I could improve. I asked mentors and friends to look at my résumé and review my LinkedIn because I was doing a professional reset. I tried to network. I even reached out to my girlfriend's dad's cousin's husband, who worked at a company I was interested in. I did an informational interview with him, and he offered to reach out to people at his company. Around the time I'd done about 100 applications, I was like, "Oh, this is actually a lot more difficult than I thought it would be." It took 536 days and 688 applications, but I'm glad to say I finally made it and got a job. Completely blindsided It wasn't always easy. I had 236 rejections and didn't get a response or got ghosted on 449 of the applications. I had 15 screening calls with HR and 18 referrals for various jobs. I think one or two of those referrals got me to a screening. For application 594, I got an offer. It was for a company here in Southern California to be a quality-assurance technician. At the end of the first interview, they said they wanted to hire me. I had to do some paperwork and a drug test. I got a call back saying the drug test was good, and I had to give them my Social Security card. I suggested starting a week and a half later. A representative from the company said they would talk to the hiring manager and that I should hear back in a few days. I waited, but I didn't hear anything. I called and then called again a few days later, and I was told they had given the position to another person. I was completely blindsided. I'd already told my family I got the job, and I wanted to get clarity about what had happened. The thing the company told me was that they wanted someone to start earlier. I thought, "Why didn't they just tell me, 'Can you start on X day instead?'" After that happened, I took a little bit of a breather because I'd been in this cycle for such a long period. So, I took about two weeks off from applying. After that, I knew I still needed to find a job. Lingering in the back of my mind was the idea, "OK, this has to happen. I know that this is a setback, but I can't take more breaks." The thing that helped me keep going through all of this was a mixture of friends, family, and my girlfriend — the support group that I had. Also, I knew I had student loans to pay, things I want to do, and ideally, I want to retire by the time I'm in my early 40s. My girlfriend, Chelsea, and I have had this conversation, and she's on her way to retiring shortly before she's 40. So, essentially, we'll be DINKs. I'll be turning 30 in July. A few breakdowns I did have moments of doubt. I talked to Chelsea about it repeatedly. I said, "Hey, it's already been X amount of time, Y amount of applications." At that point, I was 400, 500, 600 in, and there was still no end in sight. At what point do I go back to being a pharmacist? I have had a few breakdowns to get through this entire thing. When I started my search, I didn't know if it was going to take two months or something longer. That uncertainty and those setbacks really took a mental toll. When I got the offer for the job I ultimately took, I got a call on a Friday from the hiring manager and I immediately said yes. I felt a mixture of relief and satisfaction knowing that I got to this point and that it was in the industry that I wanted to go into. To get out of pharmacy, it was worth it to go through this. But if I wanted to pivot into something else, I don't know if I have that in me. Do you have a story to share about your job hunt? Contact this reporter at tparadis@
Eater
an hour ago
- Eater
A Nearly 90-Year-Old Chinatown Restaurant Expands
Wo Hop, which first opened in Chinatown in 1938 and has remained a presence in the neighborhood, has expanded — the first extension in its nearly 90 years in operation. The longtime downstairs basement restaurant has added an entirely new restaurant storefront at street level, with a sleek look that brings the restaurant into a new era. According to neighborhood group Welcome to Chinatown, which advocates for local businesses, the reason for the additional storefront wasn't just about more seating: It 'answers a practical need' to make the subterranean restaurant more accessible to its 'longtime patrons, now in their 50s, 60s, and older, to continue dining at Wo Hop without climbing a steep staircase,' a spokesperson says. But the original location has long served its purpose. 'Perhaps its hidden location helped it resist the changing fashions of Chinatown above, as most chop suey houses vanished by the 1960s,' according to a Welcome to Chinatown release. When the upstairs tenant vacated, the team took over for a dual 17 Mott Street venture. The new space is a collaboration with David Leung, the second-generation owner of Wo Hop, and T.K. Justin Ng, a Chinatown-born architect (who also designed Welcome to Chinatown's office hub). Wo Hop is not to be confused with Wo Hop Next Door, also on Mott Street, which has nuances in its distinct ownership tree and a slightly different menu. It's also often considered the more touristy one; in an interview with Resy, Joanne Kwong, Pearl River Mart president, said: 'Don't trust anyone who says they like both.' The rivalry continues. Wo Hop has weathered a lot: most recently, during COVID, when Chinatown in particular was affected by xenophobia and decreased foot traffic. And now, even as the neighborhood has sprung back to life, its tenure has become all the more notable in the face of encroaching gentrification. An investment in an expansion is an investment in keeping Chinatown alive. See More: NYC Restaurant News NYC Restaurant Openings
Yahoo
an hour ago
- Yahoo
Mag Mile Capital Secures $10.25 Million in Joint Venture Equity for Chicago Office-to-Multifamily Conversion Project
Figure: 1 Chicago, Illinois, June 16, 2025 (GLOBE NEWSWIRE) -- Mag Mile Capital, Inc. (OTCQB: MMCP) ("Mag Mile", or the "Company") is pleased to announce the successful arrangement of $10.25 million in joint venture equity on behalf of the development team executing an innovative Class A office-to-multifamily conversion project at 111 W. Illinois in the River North neighborhood of Chicago, IL. The joint venture equity was arranged on behalf of the development team and secured from an institutional limited partner based in Chicago. The equity portion of the transaction closed in late May 2025. Mag Mile was engaged by the development partners to secure an institutional equity partner who would quickly understand the uniqueness of this conversion opportunity and align with the vision of the partners. Matt Weilgus, SVP and Head of Originations of Mag Mile spearheaded the transaction. This strategic capital enables the newly formed joint venture to acquire the property and fund a portion of the construction costs required to convert a former Class A office component of the building to 153 Class A multifamily rental apartments. 'This transaction is noteworthy as it is one of the largest projects in Chicago to be executed in the post-Covid wave of office-to-residential conversions. Sponsorship engaged us on a tight timeframe to solidify the capital stack. We successfully and efficiently executed on the mandate by delivering a seasoned institutional capital partner with local market expertise to add value to the team beyond simply writing a check,' said Weilgus. Rushi Shah, Chairman and CEO commented on the closing: 'This was an exciting closing for Mag Mile Capital as this deal exemplifies the importance of longstanding relationships with both owner-developer clients and institutional equity capital partners. Mag Mile prides itself on its ability to solve all commercial real estate capital needs throughout the capital stack on behalf of its clients. This transaction involving a trophy project in our home market we are headquartered is a great source of pride internally and to be shared with our client and capital partner. We look forward to seeing this exciting project to fruition and continuing to deliver value to our clients nationwide.' Mag Mile Capital remains committed to delivering tailored financing and equity solutions across all commercial real estate sectors nationwide, leveraging its extensive network with capital source relationships and innovative structuring capabilities. Deal: 111 W. Illinois, Chicago, IL – Office-to-Multifamily Conversion Location: River North, Chicago, IL Capital type: JV Equity Loan Amount: $10,250,000 Closing Date: 05/30/2025 Originator: Matt Weilgus For the latest details on Mag Mile Capital investments, follow them on social media: Facebook, Twitter, LinkedIn, Instagram. About Mag Mile Capital – Turning Relationships into Closings Since 1991 Mag Mile Capital is a boutique full-service commercial real estate mortgage banking firm headquartered in Chicago with offices in the states of New York, Massachusetts, Connecticut, Florida, Texas, and Nevada. Mag Mile Capital is a national platform comprised of capital markets specialists with extensive experience in real estate bridge financing, mezzanine and permanent debt placement and equity arrangements throughout the full capital stack and across all major real estate asset classes. The firm offers preferred access nationwide to high-leverage, non-recourse, commercial real estate bridge loans and permanent mortgages with cash out financing for hotels, self-storage, multifamily, industrial, retail, office, and other commercial real estate property, offering access to structured debt and equity advisory solutions and placement for real estate investors, developers, and entrepreneurs, Mag Mile Capital leverages a wide variety of lending relationships and equity capital connections as a leading national real estate mortgage intermediary. Its personnel have collectively closed over $9 billion in real estate financing during their combined 32 years of experience in this industry. For the latest details on Mag Mile Capital investments, visit our website at: and follow us on social media: Facebook, Twitter, LinkedIn, Instagram. Forward-Looking Statements The Company believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Terms such as 'may,' 'might,' 'would,' 'should,' 'could,' 'project,' 'estimate,' 'pro-forma,' 'predict,' 'potential,' 'strategy,' 'anticipate,' 'attempt,' 'develop,' 'plan,' 'help,' 'believe,' 'continue,' 'intend,' 'expect,' 'future,' and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. The forward-looking statements in this press release include statements regarding the benefit of qualifying our common shares for trading on the OTCQB market. Such forward-looking statements, including but not limited to statements regarding the plans and objectives of management for future operations, are based on management's current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, market acceptance of the company's products and services; competition from existing products or new products that may emerge; the implementation of the company's business model and strategic plans for its business and our products; estimates of the company's future revenue, expenses, capital requirements and need for financing; current and future government regulations; and developments relating to the company's competitors. Readers are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them. For further information on such risks and uncertainties, you are encouraged to review the Company's filings with the Securities and Exchange Commission ('SEC'), including its quarterly report on Form 10-Q for the fiscal period ended September 30, 2024. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law. For further information contact: Rushi ShahCEOTel: 1.312.642.0100inquiries@ Attachment Figure: 1Sign in to access your portfolio
