Latest news with #StephenDunn
USA Today
14-02-2025
- Business
- USA Today
Denny's closing more restaurants: Over 150 locations impacted by wave of closures
Hear this story Denny's announced this week it is closing more locations than originally planned. Back in October, the diner chain's leadership announced plans to close 150 lower-performing stores by the end of 2025, starting with 50 closures in 2024. However, in a Wednesday investors call, chief financial officer Robert Verostek said 70 to 90 would shutter in 2025. This, paired with the 88 he told investors already went dark in 2024, equates to as many as 38 additional store closures from the original October announcement. Some of these closures are related to expiring leases or aging buildings, leadership said. In a statement issued last year, Denny's executive vice president and chief global development officer Stephen Dunn said the locations the company plans to shutter are often too old to be remodeled or are not turning a profit. "Some of these restaurants can be very old. So when you think of a 70-year-old plus brand, you have a lot of restaurants that have been out there for a very long time," Dunn said in October. Need a break? Play the USA TODAY Daily Crossword Puzzle. In Wednesday's meeting, Verostek said closing stores were open for an average of nearly 30 years. "In any mature brand, when restaurants have been open that long, it is natural that trade areas can shift over time," he said. "Accelerating the closure of lower-volume restaurants will improve franchisee cash flow and allow them to reinvest into traffic-driving initiatives like our tested and proven remodel program," he continued. How many Denny's locations are closing? While Denny's has yet to release a list of closing locations, it plans to shutter up to 178 restaurants nationwide in 2025, according to information given in the investor meetings. The company plans to offset the closures with about 25 to 40 openings, though roughly half of these will be traditional Denny's restaurants, while the other half will be Keke's Breakfast Cafes, which Denny's acquired in 2022. In a statement to USA TODAY Friday, Denny's said it "does not provide advance notice of closures" and instead works "closely with our owners and teams when a restaurant unfortunately has to close." The Denny's website lists 1,323 U.S. locations. California, Florida and Texas have a large concentration of stores. Contributing: Bonnie Bolden, USA TODAY Network
Yahoo
13-02-2025
- Business
- Yahoo
Denny's closing dozens of restaurants in 2025. Where can I find one in Mississippi?
Will you have to drop the Grand Slam from your breakfast lineup? No more Moons over My Hammy? Denny's plans to close up to 90 restaurants by the end of 2025. Could your local restaurant in Mississippi be closing? Several retail store closing announcements have affected the Magnolia State recently, including Joann, Big Lots, Bargain Hunt and Party City. The company hasn't released a list of the Denny's locations it plans to shutter. But here's what we know so far. In an October earnings call, corporate leadership announced plans to close 150 lower-performing stores by the end of 2025. Fifty were set to close in 2024 with the other hundred to follow. The announcement this week reflects that about 30 more stores than previously planned might be on the chopping block. Last year, the chain closed 88 locations, according to a recent report to shareholders. They also opened 14 franchised restaurants. By the end of 2025, Denny's plans to close 70 to 90 stores and open about 25 to 40. One of the new locations set to open this year is in Mississippi. According to statements that Denny's Executive Vice President and Chief Global Development Officer Stephen Dunn made last year, the closing eateries are too old to remodel or are in locations that don't turn a profit. "Some of these restaurants can be very old. So when you think of a 70-year-old plus brand, you have a lot of restaurants that have been out there for a very long time," Dunn told investors in October. As of Dec. 25, 2024, the chain listed 1,568 in total worldwide, the vast majority of which are licensed and franchised. Only about 75 are company operated. The Denny's website lists 1,323 U.S. locations. California, Florida and Texas have a large concentration of stores. The parent company also runs Keke's Breakfast Cafe, a new chain that's operating in seven states. More: Waffle House adds egg surcharge in light of high prices, bird flu killing US chickens According to the company website, there are four restaurants open 24 hours a day in the Magnolia State. 9351 Canal Road, Gulfport. 7541 Washington Ave., Ocean Springs. 685 Highway 80 East, Pearl. 900 East County Line Road, Ridgeland. A new location at 1119 Airport Fernwood Road, McComb, is listed online as coming soon. Contributing: Anthony Robledo Bonnie Bolden is the Deep South Connect reporter for Mississippi with Gannett/USA Today. Email her at bbolden@ This article originally appeared on Mississippi Clarion Ledger: Denny's closing up to 90 restaurants in 2025. What you need to know
The Hill
13-02-2025
- Business
- The Hill
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.
