The retailer is permanently closing 8% of its U.S. locations, according to CNN. The company described the closures as “real-estate portfolio rationalization” in its second-quarter earnings, released Thursday. The closures will primarily affect low-volume sales locations, and Speedway convenience stores will consist of 450 of the closures, as previously announced.
Dunkin’ additionally expects to close 350 international locations in the second half of 2020.
Restaurants have largely been struggling during the shutdowns. However, unlike many other chains, Dunkin’ has been able to pay a large portion of its rent throughout the pandemic. In mid-July, the company paid over 80% of rent collections, according to a Datex Property Solutions report.
Dunkin’ reported that same-store sales fell by 18.7% in the most recent quarter, excluding locations that were temporarily closed. According to the company, sales have been improving week-over-week throughout the quarter, reaching single-digit declines in the week ending July 25.
The chain, which already had hundreds of locations across New York City, announced in 2018 that it would roll out 60 new stores in Manhattan over a three-year period.