The Dunkin”™ Brand Group Inc. is planning to close up to 800 Dunkin”™ stores across the country, citing weak second-quarter sales.
Dunkin”™ Chief Financial Officer Katharine Jaspon made the announcement during a conference call with investors. The Canton, Massachusetts-based company has yet to issue a press statement reaffirming Jaspon”™s news. The company previously announced plans to shutter 450 of its stores located inside Speedway gas stations, but is now adding another 350 stores to its closing list.
Dunkin”™ Brand Group operates more than 8,500 restaurants in 41 states, as well as more than 3,200 restaurants across 36 countries. The planned 800-store closings would represent 8% of the company”™s U.S. presence, but only 2% of its domestic sales. Jaspon noted U.S. sales were down by 19% year-over-year during the second quarter.
The company did not identify which stores would be targeted for closing, nor did it set a timeline for the closings. Within this region, Dunkin”™ is a ubiquitous presence, with many localities boasting multiple franchises.
Dunkin”™ Brand Group also operates the Baskin-Robbins ice cream chain, although no plans were announced on whether any of those locations would be closed in the near future.
The news from Dunkin”™ is the latest in numerous closings involving prominent national brands. Earlier this week, McDonald’s announced plans to close 200 U.S. restaurants this year, with roughly half of those locations based within Walmart stores. Other major brands to announce store closings include J.C. Penney, Microsoft, Victoria”™s Secrets, Bath & Body Works, Pier 1 Imports and Bed Bath & Beyond.
