Thousands of Independents Close

Thousands of Independents Close
Copyright: Portfolio.com

The U.S. lost more than 5,000 restaurants in the past year, nearly all of them independent operators, according to market research group NPD Group. A total of 5,204 restaurants disappeared from the national landscape from Spring 2009 to Spring 2010. The loss was split fairly evenly between quick-service restaurants, with 2,521 closing, and full-service restaurants; 2,683 closed. The research firm tracked closures from April 1, 2009 through March 31, 2010.
Still, the number of restaurants closed represents only about 1 percent of all the restaurants in the U.S. The loss of independent restaurants is a stark example of how tough a year it has been for small businesses, hampered by a tough credit market, weak consumer spending, and high unemployment.