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In the past 10 years, some of America’s biggest food chains have lost more than 50 percent of their sales as they closed hundreds of locations nationwide.
These restaurants, which include former American staples such as Big Boy, Ponderosa and Bennigan’s have not been able to maintain a steady crowd. They have failed to update their brand or menu options. As a result, locations have been closed in favor of a new generation of eateries. Based on data provided by food industry consulting and research firm Technomic Inc., 24/7 Wall St. reviewed the large restaurant chains with the biggest decline in locations and sales between 2001 and 2011.
Restaurant brands are facing new challenges, Darren Tristano, Executive Vice President of Technomic, told 24/7 Wall St. in an interview. “What’s happening today is that the contemporization of restaurants is creating a new breed, a new generation of restaurant in a competitive environment.” The struggling brands, which “tend to be older in nature," Tristano said "have not kept up with current generations, or have been dominated by new competition within the segment.” Read more >>