Restaurant Chains Struggle to Survive Amid Debt Obligations

FAT Brands, a bankrupt restaurant chain operator, has permanently closed 32 locations under the Smokey Bones, Johnny Rockets, and Yalla Mediterranean banners. The closures aim to eliminate over $492,000 in monthly lease payments. This move comes after several casual restaurants filed for Chapter 11 bankruptcy in the last two years, including TGI Fridays, Buca di Beppo, and Red Lobster. Only one-third of restaurants survive 10 years in business.