The franchise model has a different economic cycle then a typical restaurant. Most of the stand alone places like McDonald’s have a $1 million + cost + franchise fee and a lease that expires after 20 years. I suspect that for the mediocre locations as the leases expire they won’t be renewed, so you’ll see a slower attrition rate.
Also, chains like Red Lobster and Olive Garden have high fixed costs, so I expect a lot of pain in that part of the market. They may do okay but that might not be good enough to stay afloat.
If you look at an egregious example, the US airline industry of decades past, the worst run airlines would go through Chapter 11 first, clean up their balance sheets, get newer planes and plenty of working capital and then, with a competitive advantage put the other airlines into Chapter 11. This went on for decades. This will probably happen on a smaller scale in the restaurant industry.
I'm not so sure that's going to happen for restaurants. A lot of them are just small private businesses. They don't file for bankruptcy just to reorganize their debts and have another go at it. When they file for Chapter 11, they mostly permanently close.