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Dunkin ‘expects to permanently close approximately 800 locations in the United States by the end of 2020, the company said Thursday.
The closings, which include 450 previously announced Speedway service station locations, account for 8 percent of the donut coffee chain’s domestic restaurant footprint and approximately 2 percent of its system-wide sales From the US in 2019, according to a regulatory document.
DUNKIN MARKS THE TIME CORONAVIRUS, DIVIDING FROM REINSTATES
The move is said to establish the company’s “United States system for strong and profitable continued future growth,” said the Massachusetts-based company.
| Heart | Security | Latest | Change | Change% |
|---|---|---|---|---|
| DNKN | DUNKIN BRAND GROUP | 68.29 | -3.39 | -4.73% |
Earlier this month, Dunkin ‘revealed plans to close Speedway locations after ending its partnership with Speedway owner Hess. The closings were intended to help the company focus on the chain’s independent locations, a Dunkin ‘representative previously told Fox News in a statement.
DUNKIN ‘WILL CLOSE 450 STORES PERMANENTLY BY THE END OF 2020
The chain said Tuesday that sales in US stores open for at least a year declined 18.7 percent in a three-month period ending June 27 as a result of declining traffic driven by the COVID-19 pandemic.
People wear protective face masks outside Dunkin ‘Donuts on July 28, 2020 in New York City. (Photo by Noam Galai / Getty Images)
However, those same stores improved each week over the three-month period, “reaching low single-digit numbers by July 25,” the company said in its second-quarter earnings report.
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As of July 25, 96 percent of Dunkin’s locations in the US have been reopened. Places that remain closed are found mainly inside transportation hubs, on college campuses and in sports venues, Dunkin said.
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