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Roughly 1 in 6 U.S. restaurants are currently closed, and 100,000 may not survive the year.
Umbrellas and patio furniture are fetching top dollar, and there’s a strong marked for used ovens and grills.
“New York is being emptied out. And you can feel it at the store level.”
The pandemic is worsening the labor crunch in an industry that’s been short-handed for years.
Thanks to a government-funded program, the country’s restaurants are coming back from the brink.
The owner of one fine-dining restaurant in California opened a new eatery during the pandemic as a takeout operation.
Eighty percent of restaurants in New York City didn’t pay full rent in June. The businesses historically have little if any reserves, one expert says.
Smaller menus save restaurants money and let them focus on what customers really want.
Many restaurateurs realize that their industry, built on socializing in packed rooms, needs to reduce tables, shrink menus, and increase technology to survive.
The last order of business for many bankrupt companies — restaurants in particular — is to put their assets under the gavel.