From what I'm seeing, the same thing is playing out at Frisch's Big Boy restaurants. I know that may not be a name a lot on here know, but it's a Cincinnati-based regional chain and one I grew up going to quite often(in Central KY).
Just in the last few days, it's come out that a lot of corporate-owned stores in the Cincy area are being evicted for non-payment of rent. It seems as though the equity company buying them up sold the buildings, then stopped paying the rent to force the restaurants to close.
I was in visiting my parents yesterday and we had breakfast at the Frisch's in my home town. It was good as always and packed like always, but apparently it's also a corporate store and the staff has heard rumors that they were going to close.
It's a shame too as it's a chain that I have very fond memories of visiting growing up, and I love their take on the Big Boy. I'd be interested to see how it all plays out, too, for franchise-owned restaurants. Frisch's itself its a franchise of the original Big Boy's out of California, and they have exclusive franchise rights now for the areas where they are located. Whatever the case, it seems a mess and it's a shame for a chain that's been around for a long time and has always been a place to get a good and reasonably priced meal.