Prior to COVID, closings clocked in at the rate of around 4,233 per month. In March once the rolling shutdowns began closings nearly stopped. It was as if we were frozen in time.
Average closing numbers were less than 700 per month during the months of March, April and May. The major acceleration began in June and are now averaging near 10,000 closed restaurant locations per month. On the flip side, new openings are currently averaging 325 net new locations per week.
Since COVID. The 5 month average is 4,344. Although accelerating, SO FAR- Almost no discernible difference from the Pre-COVID average of 4,233.
We challenge the results of the general media’s numbers. However, we do expect the acceleration to continue.
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