MPC - Dunkin' Says It Will Close 800 Locations This Year
Dunkin' Brands (NASDAQ: DNKN) intends to shutter approximately 800 of its locations permanently in 2020, targeting those with low sales volume to streamline its expenditures and operations. The news was announced as part of yesterday's earnings release, in which Dunkin' announced reinstatement of its dividend following a nearly three-month suspension beginning at the end of April.
Out of the 800 locations, 450 are "limited-menu" stores located at Speedway (NYSE: MPC) gas stations. The 450 Speedway closures represents the entire lineup of Dunkin' counters at the chain's gas stations and convenience stores. Earlier this month, Dunkin' Chief Financial Officer Kate Jaspon explained the decision by stating the Speedway locations "are lower volume units, in total representing less than 0.5% of Dunkin' U.S. annual systemwide sales in 2019."
Image source: Dunkin' Brands.