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The National Restaurant Association (NRA) sent a damning letter to Congress today (Dec. 7) addressing the collapse of more than one hundred thousand restaurants across the country this year because of the virus pandemic. In just the last three months, the letter said more than 10,000 eateries have closed, and thousands of others are in “economic freefall.”
Article originally published at Zero Hedge.
According to the association’s survey,
- 87% of full-service restaurants (independent, chain, and franchise) report an average 36% drop in sales revenue. For an industry with an average profit margin of 5%-6%, this is simply unsustainable. 83% of full-service operators expect sales to be even worse over the next three months.
- Although sales are significantly lower for most independent and franchise owners, their costs have not fallen by a proportional level. 59% of operators say their total labor costs (as a percentage of sales) are higher than they were pre-pandemic.
- The future remains bleak. 58% of chain and independent full-service operators expect continued furloughs and layoffs for at least the next three months.
The tsunami of restaurant closures and bankruptcies will continue to rise through 2021 – leading to deep economic scarring and permanent job loss. The association predicts “as of today, 17% of restaurants—more than 110,000 establishments—are completely closed.”
The findings come as the industry continues to deal with the devastating impact of the virus pandemic. State and local governments are imposing strict indoor limitations on restaurants or even, in some cases, banning indoor dining.
It’s not just the virus and draconian public health measures from governments that restaurant operators have to deal with – they also have to contend with Mother Nature. As we’ve previously noted, citing a Goldman Sachs report, foot traffic to restaurants will start to plunge when the outside temperature drops below 45°F.
The National Restaurant Association hopes that the letter will pressure Congress to act and provide aid to restaurants once the new stimulus package is approved to help them survive under circumstances that are being forced upon them by policymakers who seem to be ignoring the science, and following the politics.
COVID-19 may take down an independent news outlet
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Colleagues have called me the worst fundraiser ever. My skills are squarely rooted on the journalistic side of running a news outlet. Paying the bills has never been my forte, but we’ve survived. We have ads on the site that help, but since the site’s inception this has been a labor of love that otherwise doesn’t bring in the level of revenue necessary to justify it.
When I left a nice, corporate career in 2017, I did so knowing I wouldn’t make nearly as much money. But what we do at NOQ Report to deliver the truth and fight the progressive mainstream media narrative that has plagued this nation is too important for me to sacrifice it for the sake of wealth. We know we’ll never make a ton of money this way, and we’re okay with that.
Things have become harder with the coronavirus lockdowns. Both ad money and donations that have kept us afloat for a while have dropped dramatically. We thought we could weather the storm, but the so-called “surge” or “2nd-wave” that mainstream media and Democrats are pushing has put our prospects in jeopardy. In short, we are now in desperate need of financial assistance.
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The best way NOQ Report readers can help is to donate. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal as well. We need approximately $11,500 to stay afloat for the rest of 2020, but more would be wonderful and any amount that brings us closer to our goal is greatly appreciated.
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Election year or not, coronavirus lockdowns or not, anarchic riots or not, the need for truthful journalism endures. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report going.
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