by Michael Snyder, The Economic Collapse Blog:
It is incredibly sad to watch the U.S. economy slowly but surely come apart at the seams all around us. For most of our history, the rest of the world marveled at our economic performance, and that is because we embraced economic values that led to great blessing. In recent decades, we have abandoned those values, but we were able to maintain a very high standard of living by going into unprecedented amounts of debt. Our leaders were able to keep the game going for longer than a lot of people thought, but now we have entered the final depressing chapters for the late, great U.S. economy, and we can see evidence of this all around us. If you doubt this, just look at all of the businesses that are going bankrupt. Last week, I discussed the fact that for the year ending June 30th, the number of business bankruptcy filings was up more than 40 percent compared to the previous 12 months.
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There is no way that the Biden administration can manipulate this number. Either a business filed for bankruptcy or it didn’t, and right now we are seeing a spike of historic significance.
On Sunday, CNBC published an article that listed ten prominent restaurant chains that have filed for bankruptcy this year…
-Roti
-Buca di Beppo
-World of Beer
-Rubio’s
-Melt Bar & Grilled
-Kuma’s Corner
-Red Lobster
-Tijuana Flats
-Sticky’s Finger Joint
-Boxer Ramen
We really are in the midst of a “restaurant apocalypse”, and more of our favorite eateries are getting into trouble with each passing day.
For example, a large number of KFC locations just suddenly shut down in the Midwest…
Dozens of KFC locations owned by one franchisee have abruptly closed across the Midwest.
Up to 25 restaurants owned by major fast food franchisee EYM Chicken have shut in Illinois, Indiana and Wisconsin, according to reports.
The closure of several locations in Wisconsin will lead to nearly 100 employees being laid off, according to local media WKOW 27 News.
At one time, KFC was such a wonderful American success story.
But now KFC restaurants are becoming an endangered species.
There used to be one about an hour from where I live, but that one has been shut down too.
If you still have a KFC in your community, you should visit it while you still can.
Meanwhile, we just learned that a chain of gas stations and convenience stores in the Midwest has also abruptly shut down…
The gas station and convenience store sector has faced distress in recent years marked by bankruptcy filings and store closings.
The Store convenience stores and gas stations, owned by Team Schierl Cos., in July 2024 was forced to shut down all operations of its 25 locations in Michigan and Wisconsin after its landlord Mountain Express Oil Co. filed Chapter 7 bankruptcy liquidation in August 2023, Convenience Store News reported.
Whatever is happening to the economy right now, it seems to be hitting the Midwest particularly hard.
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