Nothing brings a restaurant extra business like a coveted Michelin star. But news that the Michelin Guides lose more than $24 million a year casts their future into doubt. Even though the Michelin star system might be an anachronism, don’t you secretly wish you’d get a nod from Michelin—and the 30 percent revenue boost said to go with it? It’s hard to pinpoint exactly when the first signs of trouble became visible in the Michelin Guide empire. The famous red book still commands great sway ...

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