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    • Denny’s announced it will close 150 restaurants, including 50, by the end of 2024
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    Denny’s announced it will close 150 restaurants, including 50, by the end of 2024

    Harry Posted on

    Denny’s Aiming to strengthen cash flow, the company plans to close 150 restaurants by the end of 2024.

    Fifty underperforming restaurants will close before 2025, while the remaining 100 will close next year, executives announced in an earnings call at the end of October.

    Denny’s Executive Vice President and Chief Global Development Officer Stephen Dunn said the restaurants closed included those that were too old to remodel or located in unprofitable areas.

    “Some of these restaurants can be very old. So when you think about a brand that’s over 70 years old, there are a lot of restaurants that have been there for a very long time,” Dunn told investors at the meeting.

    How many Denny’s restaurants are there in Nevada?

    There are currently 1,358 Denny’s locations in the U.S. and a heavy presence in California, Texas, Florida and Arizona. There are 40 restaurants in Nevada, 20 of which are in Las Vegas.

    There are three Denny’s restaurants in Reno-Sparks. The oldest opened at 680 S. Wells Ave. in 1974.

    Denny’s did not disclose which 150 restaurants were planned to close.

    Denny’s shares fell almost 18 percent

    Dunn said the 150 closings will clean up the company’s restaurant portfolio as it prepares for growth.

    The company’s shares fell nearly 18 percent on Tuesday after quarterly earnings beat analysts’ estimates. Its annual stock fell 50 percent in the fiscal year.

    “Closing restaurants is never easy. It’s a challenge, you work with external factors, you work with landlords,” Dunn said. “And of course you’re dealing with people’s lives, but we realized that closing underperforming restaurants was strategically advantageous for some of our franchisees because it strengthened cash flow in the long run.”

    Harry
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