Is Golden Corral Closing Permanently? Golden Corral has been in the spotlight, and people are anticipating that Golden Corral is closing permanently. Still, people are asking if these hypotheses have any validity. Is It True?
If you are also searching for answers to such types of questions, then this is the right place where we delve into the status of the Golden Corral shutdown. You can also check the validity of the postulation.
Is Golden Corral Closing Locations?
Golden Corral an American Based restaurant chain specially designed for families. It offers various food, including salads, desserts, grilled items, hot dishes, cold dishes, drinks, and many more.
In 2020, The Buffet Chain Golden Corral declared to close 35 of its physical locations due to the adverse effect of COVID-19. Due to the closure of several corporate stores, the restaurant laid off hundreds of employees simultaneously.
It was announced when a virtual town hall meeting was held between corporate officials and franchise owners. In 2020, it was reported that the chain was still operating more than 400 of its franchised locations. On the other hand, some were operating suspended stores.
Golden Corral provided curbside delivery, carryout, and home delivery at that time. Moreover, its Where-In-Restaurant dining was shut down.
Lance TrenWhen the meeting was held, ary, the CEO of the Golden Corral, stated when the now closing our locations, and it is a challenging time for us and our country. It is truly an emotional moment.”
Also added, “We know this move may hurt you and impact the team members, who usually work with us from the very first day till the end day. But we are forced to make this critical decision as the hard times and the realities of the current time put pressure on us to close locations.”
Due to the closures, employees in positions, including managers, support center employees of the company, hourly workers, and field support, were laid off. Moreover, the company offered food to employees and their families and promised to help them.
During COVID-19, employees, who were affected by COVID-19 or identified as COVID positive, were paid sick leave to undergo a 14-day quarantine. At that time, the chain reported its aggressive cleaning measures to include requiring workers to wash their hands after a regular interval of 20 minutes, changing utensils every 30 minutes, sanitizing surfaces, and all the hand sanitizer stations operated properly.
The COVID-19 pandemic was the toughest time for everyone and every industry. Although, not all the chains and companies were impacted equally by the impact of the coronavirus pandemic. Even though Golden Corral has experienced a tough time as far as the Coronavirus outbreak started and continues.
According to reports, the chain stayed in business after COVID-19. However, COVID-19 was one of the major reasons, and it dropped sales, due to which the chain filed for Chapter 11 bankruptcy protection in 2022.
In 2022, Platinum Corral, the largest franchisee of Golden Corral, closed 16 locations out of its total 28 locations in October. Other largest franchisees were also reported to be closed then, including 1069 Restaurant Group’s 33 units.
Later, it reoperated some of its units with all new service models. The chain decided to reopen 18 units by the end of 2023. It is reported that some locations will be closed permanently in 2023, while some are planned to be reopened by the end of this year.
The pandemic has proven to be the toughest time for the 50-year-old chain. The CEO of the company is still optimistic about avoiding further closures.
In the same year, J. Alexander declared that it was laying off more than 3,000 workers and operated a carryout model. That Carryout Model has only 10 to 20 percent of average weekly sales.
Besides, Lucy declared, “The chain had already closed 39 units, and other 35 locations were added later. It reportedly laid off more than half of its corporate office. At that time, it operated 37 stores, and the employees working from home got 50 percent of their salary.
The parent chain of Logan’s Roadhouse and Old Chicago Pizza, Craftworks Holdings, announced to close all of its restaurants after being filed for bankruptcy. It furloughed hundreds of its employees during the COVID-19 outbreak.
Who Owns Golden Corral?
An American entrepreneur, James H. Maynard, is the CEO and the Chairman of the Investors Management Corporation. Investors Management Corporation is a holding company for service industries and food services, and Golden Corral Corporation is one of the largest Corporations.
James H. Maynard was born on February 14, 1940, in Jacksonville, North Carolina, Maynard. He graduated in 1965 with a Bachelor’s Degree in Psychology from East Carolina University.
In 1973, With the help of Willina F. Carl, he opened the first Golden Corral location in Fayetteville. At that time, James decided to organize Investors Management Corporation and introduced the Family Steak House Restaurant under the brand and other IMC subsidiaries. Now, James H. Maynard owns more than 500 restaurants throughout the United States. It is reported that the chain generated nearly 1.3 billion U.S. dollars in sales.
It is believed that Maynard and his wife Connie donated 10.5 million U.S. dollars at Vidant Medical Center, the children’s hospital, on May 17, 2011. Out of which, the Department of Pediatrics funded 1.5 billion U.S. dollars. Later, the hospital’s name was replaced with James and Connie Maynard Children’s Hospital.
Why Is Golden Corral Famous?
Golden Corral is well known for its endless breakfast, lunch, and dinner buffet. The chain offers America’s no. 1 Buffet and Grill, from its home-style menu to seasonal promotion specials to signature sirloin steaks. Golden Corral always has something for everyone, offering options to explore.
Besides, Golden Corral is famous for its pocket-friendly rates and family-friendly environment, as customers can get unlimited food or as much as they can eat at a set price.
Do you know? What is more special about Golden Corral? So, here you get your answer, the famous restaurant has a distinguishing feature that makes it unique, “No tipping policy.” Customers can have as much food as they want at a set price and are not counted on to offer a tip. Do you know? Why? It is because the chain already covers the service charge in the price of the meal.
It offers family-friendly and budget-friendly options to create a more relaxed atmosphere, and no tipping policy makes dining easier for people.
Which Golden Corral Locations Have Been Closed In 2023?
In 2023, several Golden Corral outlets are set to be closed permanently for some reasons… Some outlets that have y closed in 2023 include Grand Rapids, Michigan, which closed to clear space for a new Chick-Fil-A and Alton, Illinois.
E, the future of Golden Corral is impressive, as the chain reported an increase in sales last year. It is estimated that the chain reopened its locations and observed an increase in sales this year by 37 percent compared to last year. However, the effects of COVID-19 forced the chain to close dozens of locations, and bankruptcy was also filed, due to which it closed its locations in 2023.
How Many Golden Corral Locations Are Left In The United States?
Golden Corral is still in operation after being adversely impacted by the COVID-19 pandemic. Although it closed several locations, it reopened some of its locations post-pandemic. It is noted the chain planned to reopen additional 18 restaurants this year, and it has reopened with new service models.
It is reported that a Golden Corral franchise in Anderson, Indiana, has been reopened. That location was closed for more than six months after being adversely impacted by the impact of the coronavirus pandemic.
Some locations are still at stake, and we decided to close very soon, in 2023. As of 2022, Golden Corral has 397 total locations. It is a privately held company located in Raleigh, North Carolina; all of its locations are to be reported in the U.S. states and Puerto Rico.
What Is The Future Of Golden Corral?
The future of Golden Corral is manageable, as the company’s CEO said, “The chain will expand its flagship concept along with the new Homeward Kitchen. On the contrary, the Grill House by G.C. concept is gradually gaining popularity. “
The chain has a long-term strategy; it said it would reopen some of its locations and planned to add 200 to 250 more Golden Corral buffets throughout the country. Besides, it is also adding Homeward Kitchen’s prospect to over 500 new markets in the United States in the future with international growth.
Trenary said, “We have got a long runway ahead of us. As we usually say, we would have a century plan at Golden Corral, and now we are only at halftime; we just celebrated 50 years.” He added, “This is not the end of our brand’s journey; there are a lot of blue skies further to our brand.”
The Bottom Line
A popular American restaurant chain, Golden Corral has been there for almost 50 years; it offers a wide variety of food, which is a pivotal step to its success. Due to the COVID-19 pandemic, the chain has closed hundreds of its locations. Still, it has also determined to expand its business further.
During hard times, the chain has remained relevant since it launched. In the face of challenges, the chain illustrated strength and adaptability. After being adversely impacted by Coronavirus Pandemic, high competition, low sales, and several other difficulties, it is drifting again to shoot up its business in the future.