Dunkin’ Donuts, McDonalds, and Starbucks have announced that they will be closing a combined 1,400 locations around the US due to the effects of the pandemic, according to a report by Forbes.
Dunkin’ recently reported a second-quarter revenue decline of 20 percent. They will be closing 800 or 8 percent of their locations by the end of the year. These locations include those within 450 Speedway outposts since they are no longer partnering with the gas company.
"By exiting these sites, we are confident we will be better positioned to serve these trade areas with Dunkin's newest next generation restaurant design that offers a broader menu and modern experience," said Dunkin Chief Financial Officer Kate Jaspon.
McDonalds also reported a second-quarter revenue drop, totaling 30 percent. They plan to close 200 locations within 2020 including all of their restaurants inside of Walmart stores. They currently have 14,000 locations, 99 percent of which were open for business at the time of their second quarter investor report.
Starbucks reported a second-quarter revenue drop of 38 percent this year. They will close 400 locations through 2021 as well as develop safer sale practices like mobile pick-ups and drive thru ordering.
Many restaurants across the country have begun making the switch to takeout and delivery methods as the pandemic has had effects on sit-down dining.
The pandemic has had other, more drastic effects on the food industry, too. Yelp recently reported that 26,160 US restaurants on their platform have closed due to COVID-19.
Read the full report here.