Hooters to close 'underperforming' restaurants amid broader industry woes
How much did "food away from home" costs increase in May?
In May, the cost of "food away from home" increased by 4%, according to the Bureau of Labor Statistics. This is a higher growth rate compared to the 1% increase for groceries during the same period.
How has the cost of eating out changed since the pandemic?
The cost of eating out has increased significantly since the pandemic due to factors such as inflation, supply chain disruptions, and labor shortages. According to the Bureau of Labor Statistics, the cost of "food away from home" has surged more than 25% since the Covid-19 pandemic began. Restaurants have been forced to adapt by raising menu prices, reducing portion sizes, and implementing cost-cutting measures.
Are new Hooters restaurants still opening?
Yes, new Hooters restaurants are still opening both domestically and internationally. Despite closing a select number of underperforming locations due to current market conditions, the company claims that the brand remains highly resilient and relevant.