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4 restaurants that shrunk the most in 2023

Although 2023 was a fantastic year for restaurant growth — with U.S. restaurant sales in the Technomic Top 500 increasing by 7.8% with the highest rate of unit growth in seven years — not every brand was a winner. 

For the restaurant companies in the Top 500 that closed the most units in 2023, two themes were evident: mismanagement under new or stagnant ownership and echoes of COVID-19-centric challenges. While an ownership mismatch is nothing new to the restaurant industry, it might be surprising to hear that restaurant concepts are still buckling under the pressure of a brave new world post-pandemic. 

The restaurant with the demerit of having closed the most restaurants in 2023 had a shocking 67.5%-unit decline. Most of the rest of the bottom 10 restaurants ranked by unit growth were concepts that were trendy or popular years ago, with Technomic unveiling a mix of casual-dining, bakery café chains, and sandwich concepts in that bottom ranking.

Click through the gallery to see the four restaurants that closed the most units in 2023.

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All data courtesy Technomic Ignite Company data. Looking for more data? Click here to access the complete Technomic Top 500.

Contact Joanna at [email protected]

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