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Biggest sports bar chain closes locations before football season

Transcript: Daniel Kline: Hey, it's Dan Kline, co-editor-in-chief of The Street. I am standing in Eden, a restaurant on Celebrity Beyond. Cruise ship restaurants don't go out of business. They get replaced. Uh, they get upgraded. But we get asked at The Street, why are there so many stories about restaurants going out of business? Is this just something you guys cover every one or are the numbers going up? No, there's actually an increase. Why is there an increase? Well, really, it's kind of a whole bunch of bad news coming together at once. Labor prices are up. Food prices are up. People's incomes might not be down, but they feel like they're down, because all the prices are up. People are worried about losing their jobs. So if I'm worried about losing my job, I'm not going to go to the steakhouse. Maybe I'm going to trade down and go to Wendy's or go to, go to Chili's. So you're seeing a lot of restaurants, but restaurants operate on pretty razor-thin margins. So, if you're, say, like, a Red Robin, which has closed a bunch of restaurants recently, and the price of beef go- goes up, and the price of beef has gone sky-high, and they're a burger chain, well, all of a sudden they were making X amount, and that gets tight, and if they have debt they're paying off, of which many restaurant chains do because of the pandemic, all of a sudden, even though they're making a profit, they don't have enough money to cover what they owe. They don't have enough money to hold onto their workers. So one other thing. I am on a GLP-1 drug. I've lost some weight. That is a good thing. But when I go to a restaurant now on a Friday night or Saturday night, I normally would've had an appetizer, an entree, maybe a dessert. Now, I'm having an entree, and I'm bringing some of it home. So that's one more meal I'm not eating out or not buying from a grocery store. So take all those things together, and it's not some strange wave of restaurant closures. It's a bunch of pressures all on restaurants all at the same time, forcing them out. It might not get better anytime soon, because if people don't feel like they're secure in their job, they're going to cut back on restaurants. I am Dan Kline, co-editor-in-chief of The Street.

ONGC to invest Rs 1L cr in 5 years

India Business News: NEW DELHI: ONGC chairman and CEO Arun Kumar Singh on Monday said the exploration and production company will invest Rs 1 lakh crore in deepwater and u.

Trump approval dips to new low as Iran war weighs on support: Poll

President Trump’s approval rating sank to a new low in a University of Massachusetts (UMass) Amherst poll as the Iran war drags on. Just 32 percent of 1,000 respondents to the national survey, which the university conducted Aug. 21-26, approved of the president’s job performance. That marked a decrease of 1 point relative to a…

Monday, October 12, 2026

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