Scores of longstanding and beloved restaurants across the U.S have closed this year, and more may follow, as the skyrocketing cost of necessities takes a toll on the industry.
Over the past five years, food and labor costs for the average restaurant have each risen 35 percent, according to the National Restaurant Association. Meanwhile, the price tag on other essentials like rent, supplies, and credit card processing fees also continues to grow – meaning smaller profit margins for already-struggling restaurants.
