I don't do fast food, so I was unaware of this. Wow.
/A dismal prediction about the fast food industry from the founder of Carl Jr’s
With franchise and restaurant owners confronting a delicate balancing act between higher menu prices and labor costs, one former industry leader is concerned more doors are preparing to close nationwide.
"There will be a lot of restaurants underperforming. Middle-performing restaurants are going to go away. Very good-performing restaurants will become midland or low-performing restaurants," former CKE Restaurants CEO – parent of Carl’s Jr. and Hardee’s – Andy Puzder said on "Varney & Co." Tuesday.
"As more restaurants close, there'll be more customers for fewer restaurants," he continued. "But people just can't afford these prices. And there's only so much you can do to reduce prices."
"I was talking to a fast food chain CEO about a week ago, and he was saying they're going to take all of their ordering at the drive-thru… [with] professional order takers in India or in the Philippines. It won't be anybody in the restaurant that takes your order," Puzder said. "They're doing anything they can to reduce costs so they don't have to raise prices. But there's so much pressure, particularly in California."
I’m more worried about the disappearance of cheap, abundant energy than I am about the demise of cholesterol pumping stations, but still ….