3 million out of work, $25 billion lost: 8 figures reveal how the coronavirus pandemic is devastating restaurants across America
Added 03-31-20 11:14:02am EST - “Roughly 110,000 restaurants are expected to close permanently in the next month, with more than 30,000 already shuttered.” - Businessinsider.com
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Posted By TheNewsCommenter: From Businessinsider.com: “3 million out of work, $25 billion lost: 8 figures reveal how the coronavirus pandemic is devastating restaurants across America”. Below is an excerpt from the article.
Roger Lipton, a restaurant industry analyst, investor, and advisor who recently penned a blog post about the upcoming "restaurant apocalypse," told Business Insider that the restaurant industry is facing an unexpected and unprecedented challenge.
"Any pundit who thinks that they're going to use a recent history — and by recent history, I mean the last 100 years, including the Depression — as a template for what is going to go on here? They're kidding themselves," Lipton told Business Insider on Monday.
The data backs up Lipton's prediction of a "rough, rough road" for restaurants. Here are eight facts and figures that reveal the devastating impact of the coronavirus pandemic on the restaurant industry in the US.
11% of the more than 4,000 restaurant owners and operators surveyed by the National Restaurant Association (NRA) last week said that they anticipate they will permanently close within the next 30 days. With more than a million restaurants in the US, that would mean more than 110,000 closing for good.
According to the same NRA survey, 3% said that they had already permanently closed their doors.
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