Introduction
Recent data shows that many restaurants are nearing bankruptcy due to the economic downturn caused by the COVID-19 pandemic. With the closure of dining rooms and the shift to takeout and delivery, many restaurants are struggling to stay afloat. Eat This Not That is here to help you make informed decisions about where to eat and what to order. We’ll provide you with the latest information on which restaurants are in danger of bankruptcy and which ones are doing well. We’ll also provide tips on how to save money while still enjoying delicious meals.
These Restaurants Are Nearing Bankruptcy, Recent Data Shows
Recent data shows that a number of restaurants are in danger of bankruptcy due to the economic downturn caused by the COVID-19 pandemic. The restaurant industry has been hit particularly hard, with many businesses forced to close their doors and lay off employees.
According to a report from the National Restaurant Association, more than 8 million restaurant jobs have been lost since the start of the pandemic. This has had a devastating effect on the industry, with many restaurants struggling to stay afloat.
The report also found that more than 100,000 restaurants have closed permanently since the start of the pandemic. This is a staggering number, and it is likely to increase as the pandemic continues.
The data also shows that many of the restaurants that are still open are struggling to stay afloat. Many of these restaurants are facing bankruptcy, as they are unable to pay their bills and keep up with their expenses.
It is important to note that not all restaurants are in danger of bankruptcy. Some restaurants have been able to weather the storm and remain open. However, many restaurants are still in danger of closing their doors for good.
If you are looking for a restaurant to eat at, it is important to do your research and make sure that the restaurant is not in danger of bankruptcy. Eating at a restaurant that is in danger of bankruptcy could put your money at risk.
Eat This, Not That
If you are looking for a restaurant to eat at, it is important to do your research and make sure that the restaurant is not in danger of bankruptcy. Here are some tips to help you make the right decision:
- Check the restaurant’s financials. Look for signs of financial distress, such as late payments or high debt levels.
- Check online reviews. Look for reviews that mention the restaurant’s financial situation.
- Talk to the restaurant’s management. Ask them about their financial situation and if they are in danger of bankruptcy.
- Avoid restaurants that are in danger of bankruptcy. Eating at a restaurant that is in danger of bankruptcy could put your money at risk.
By following these tips, you can make sure that you are eating at a restaurant that is not in danger of bankruptcy. This will help you enjoy your meal without worrying about your money.
Few industries have been clobbered by COVID-19 like restaurants. And nearly two years into the pandemic, the struggle to stay in business is far from over for thousands of operators. While chains like Ruby Tuesday and Golden Corral have teetered on the brink of disaster, it’s really the independent restaurants—the local mom-and-pops without corporate backing—that have borne the brunt of the pandemic’s havoc.
For more fast-food news, check out 8 Worst Fast-Food Burgers to Stay Away From Right Now.
With seesawing restrictions and mandates across the country, a hesitant dining community, new variants, and mixed messaging on restrictions from government officials, it’s no wonder that independent restaurants have been pushed to their breaking points. A recent survey by the Independent Restaurant Coalition reports that a staggering 42% of independent restaurants that didn’t receive government aid are nearing bankruptcy. While $28.6 billion was allotted for the Restaurant Revitalization Fund, more than 177,000 restaurants and bars didn’t see a penny of that financial aid, and now nearly half of them find themselves staring down the barrel of bankruptcy court.
And statistics get even grimmer: 28% of these under-funded independent businesses have either already received—or are expecting to receive—eviction notices. Some 25% have sold off personal assets, 30% have decreased their employees, and 49% have laid off staff in order to stay afloat.
The survey polled 1,200 restaurants in all 50 states, with 33% of respondents hailing from the Western region, 27% from the South, 22% from the Northeast, and 18% from the Midwest.
It’s a stark reminder that no matter how low the COVID positivity rates get, or how optimistic and “normal” things feel, the pandemic still isn’t over for the restaurant industry, especially independent restaurants left to fend for themselves.
“Congress and the Biden Administration need to treat this like the crisis that it is and replenish the RRF,” said Erik Polmar, executive director of the Independent Restaurant Coalition. “The nearly 200,000 restaurants and bars left behind in the first round of funding do not have much time left.”
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