Dunkin' Is Closing 800 Locations Across the U.S. This Year
RIP all Speedway locations.
Turns out the king of Big Coffee is neither immune to COVID-19 nor shy about telling us that there's a big ol' donut hole in its revenue. Dunkin' announced Thursday that it's closing 800 locations across the United States this year.
While McDonald's said on a call Tuesday that its plan to close 200 stores was simply "an acceleration of closings planned for future years," Dunkin' made no such ego-driven claims. The release stated plainly that the 800 shops will be closing in 2020 and will include 450 closures within the gas station chain Speedway.
According to a press release, revenues decreased by 20% in the second quarter, with sales declining by 6% at Baskin Robbins and 18.7% at parent company Dunkin'. But the company noted that sales have been improving "sequentially" this quarter -- in other words, improving in the short term and compared to the first period.
"For Dunkin' U.S., same store sales improved sequentially throughout the quarter, largely as a result of our ability to pivot quickly and introduce new menu items designed to appeal to customers who are now visiting us later in the day," said Dave Hoffmann, chief executive officer of Dunkin' Brands Group, in the release.
The company did not share which locations have closed or will close in the future so, if you're in a coffee chain desert, I'd recommend ordering a year's worth of donut holes and coffee beans to avoid feeling the loss.