We are amidst a restaurant recession and our favorite chains are taking a hard hit. It wasn't long ago that Starbucks announced it will be shuttering its Teavana stores and prior to that Ruby Tuesday, Subway, Outback Steakhouse and Papa Murphy's had already closed dozens of their restaurants.
According to Clark.com, the big restaurants are struggling because diner preferences have changed over the years and they now favor independently-owned restaurants, meal delivery services and fast-casual chains like Chipotle, which offer healthier options and better service.
By 2020, local eateries are predicted to grow by 5% while the big names are only expected to only see 3% growth. Unfortunately, even the most popular classic chain restaurants are not safe from loss of profit.
This week, DineEquity, the parent company that owns Applebee's and IHOP, announced that after months of financial hardships it will be shutting down more than 100 stores by the end of the year.
But don't despair just yet, click on the next page to read about the upside to this entire ordeal.