It has been confirmed that Burger King will be closing its doors to 400 restaurants by the end of 2023.
On Saturday, the CEO of Restaurant Brands International Inc. announced that they are preparing to close between 300 and 400 locations.
After receiving the Q1 earnings results, CEO Joshua Kobza said that the company “historically” closes “a couple hundred” Burger King restaurants every year.
Earlier this year, three significantly large locations went bankrupt: Toms King in Illinois, EYM King in Michigan, and Meridian Restaurants Unlimited in Utah.
So far, 124 Burger Kings have already closed this year, lowering the overall number in the United States to fewer than 7,000.
According to Kobza, Burger King intends to focus on working with smaller franchisees to “improve the overall health” of the company’s franchise system.
“One of the most important factors is the willingness of our franchisees who have several restaurants to work with us and commit to implementing the changes necessary,” he said.
He added that there is a “fair degree of uncertainty regarding exact numbers” of future closures.
“This will depend, to some extent, on the pace of recovery in the business, which we’ve already begun to see,” he said.
At this time, it’s unclear which BK restaurants will be closing at the end of the year.
Discover more from Baller Alert
Subscribe to get the latest posts sent to your email.
