Worst Restaurant Tailspin Since 2009/2010 Crushes Lower End
by Tyler Durden
ZeroHedge.com
May 13, 2017
“The hope that consumer and business spending will surge is probably just that, hope.”
– Joel Naroff, President of Naroff Economic Advisors and TDn2K Economist
So another chain restaurant is “preparing” to bite the dust. Ignite Restaurant Group, which operates the Joe’s Crab Shack chain with 113 locations and the Brick House Tavern chain with 25 locations, and used to operate the Romano’s Macaroni Grill chain with 150 locations until it sold it in 2015, is preparing to file for bankruptcy, “people familiar with the matter” told Bloomberg.
In the quarter ended September 26, 2016, the last quarter for which the company bothered to release an earnings report, same-store sales fell 6.8%; total revenues plunged 10% to $120 million.
The Rest…HERE
