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bankruptcyCNBC
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79% Informative
At least 10 restaurant chains, not including multi-unit franchisees, have filed for bankruptcy in 2024 .
Red Lobster , Buca di Beppo and Roti are among the notable names that filed for Chapter 11 bankruptcy protection.
The increase in bankruptcies comes as diners pull back their spending, labor costs keep rising and Covid -era government help disappears.
In April , Tijuana Flats announced new ownership, Chapter 11 bankruptcy filing and closure of 11 restaurants.
Sticky's Finger Joint also declared bankruptcy in April .
Portland , Oregon ramen chain closed all four of its locations in late April .
Rising commodity costs, the hangover from the pandemic and legal expenses led the company to restructure.
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