High Unemployment Makes IHOPto-Red Lobster Target Higher Income
NEW YORK: Rising housing costs and stubbornly high inflation are battering many consumers and the hit to their wallets is now hurting America’s low-cost restaurants.
Chains including Red Lobster, which is considering a bankruptcy filing, and TGI Friday’s Inc are becoming even more distressed as their labour expenses increase and more diners opt to eat at home.
