Legendary diner featured in Visa commercial closes after 40 years

The restaurant industry is extremely competitive, and the survival rates over five and 10 years could make some ambitious dining entrepreneurs think twice about entering the business.

The chance of a restaurant surviving its first year in business is pretty good, with about 83.1% of new restaurants making it through their first year unscathed, according to statistics from the U.S. Bureau of Labor Statistics, Owner.com reported.