National Restaurant Association Gives Desperate Plea to Congress for Industry Relief
As the COVID-19 pandemic continues to starve the restaurant industry, with more than 110,000 businesses—the majority of which were well-established restaurants to community fixtures—permanently closed in 2020. That’s more than 17% of all of our nation’s restaurants, with 16% of which had been in business for at least 30 years. Further, 87% of those still open are reporting a 36% drop in sales revenue.
Taking a look at what is grim news for the restaurant industry, MarketScale Radio hosts Daniel Litwin and Tyler Kern discuss the findings of a survey that illustrates the deterioration of the restaurant industry and give the details of a letter written by the National Restaurant Association (NRA) to Congressional leadership pleading for a ‘down payment’ relief bill so that the rest of the sector can make it to the new year, as well as a larger relief package for 2021.
- The National Restaurant Association delivered a letter to congressional leadership with new industry findings.
- 17% of restaurants, more than 110,000 establishments, are closed permanently or in the long term.
- Most shuttered restaurants had been in business more than 16 years; 16% had been open at least 30 years.
Latest
Mastering AV Sales Strategies: A Diverse Market Requires Understanding Individual Needs
Mastering AV sales strategies in a global professional audio-visual (Pro AV) market, poised to reach $79.2 billion by 2028, requires much attention to detail. The surge in demand from corporate, government, and institutional sectors, driven by the need for enhanced productivity and efficient working environments, gives AV sales pros a lot of opportunity. In […]
Cybersecurity in Healthcare: Addressing the Growing Threat
To keep up with the growing threats, cybersecurity in healthcare is a high-level priority. The recent ransomware attack on Ardent Health underscores a stark reality for the healthcare industry: cyber threats are a significant and ongoing challenge. Mike Saylor, the CEO of Blackswan Cybersecurity, LLC, sheds light on the complexities of cybersecurity in healthcare. […]
Effective Debt Management Holds the Keys to Small Business Cash Flow and Growth
Effective debt management through a robust accounts receivable system is essential for small business cash flow and growth, necessitating automated payment schedules and strategic policy adjustments. Collaborating with a collection agency as a strategic partner can enhance revenue recovery while preserving positive customer relationships. How critical is effective debt management for the financial health […]