About This Source - Bloomberg QuickTake: Now
Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.
It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.
Recent from Bloomberg QuickTake: Now:
Bloomberg Quicktake: Now published this video item, entitled “Over 110,000 Restaurants in the U.S. Have Closed During the Pandemic” – below is their description.
More than 110,000 restaurants have closed permanently or long-term across the country as the industry grapples with the devastating impact of the Covid-19 pandemic. And more pain is ahead, with a potential shutdown of indoor dining in New York City just as the temperatures drop.
The nationwide tally — representing one in six U.S. eateries — is among the findings of a survey released Monday by the National Restaurant Association. The figure was up from about 100,000 shutdowns in a September survey. The Washington-based trade group shared the latest results with Congressional leaders in an attempt to secure financial support for a sector rocked by rising costs and falling sales.
“The restaurant industry simply cannot wait for relief any longer,” Sean Kennedy, executive vice president of public affairs at the association, said in a letter to Congress. “What these findings make clear is that more than 500,000 restaurants of every business type — franchise, chain and independent — are in an economic free fall.”
As people continue to stay and eat at home and new indoor dining bans emerge across the country, restaurateurs have struggled to keep up sales, with many of the hardest-hit areas in states such as New York and Illinois. Almost 90% of full-service restaurants in the survey reported declines, with revenue falling 36% on average.
Expenses are also climbing amid the pandemic, with 59% of operators saying their total labor costs as a percentage of sales are higher than they were pre-pandemic.
The industry has pleaded for aid, with many pinning their hopes on the Restaurants Act, which would establish a $120 billion fund to help restaurants, as well as a second draw of the Paycheck Protection Program.
In the meantime, the sector faces dire prospects. Thirty-seven percent of operators say it is unlikely their restaurant will still be in business six months from now if there are no additional government relief packages, according to the survey. More than one in three operators are considering temporarily closing until conditions improve.
With Covid cases on the rise, Governor Andrew Cuomo said indoor dining would be shut down in New York City and reduced across the rest of the state if the regional hospitalization rate has not stabilized after five days.
The pain is felt among publicly traded chains as well as independent establishments. An S&P index of restaurant stocks fell as much as 1.3% Monday, with Dave & Buster’s Entertainment Inc., BJ’s Restaurants Inc. and Cheesecake Factory Inc. among the biggest decliners. Each have relatively large exposure to California, which continues to be rattled by lockdowns, wildfires and forced power outages.
“It’s hard to look past the current very difficult restaurant industry sales and traffic trends for rays of industry sunshine,” Telsey Advisory Group analyst Bob Derrington wrote in a note. He expects sales trends to remain “volatile” into 2021 as more states and municipalities are “once again cracking down on social gatherings including dining in bars and restaurants.”Bloomberg Quicktake: Now YouTube Channel
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In This Story: Andrew Cuomo
Andrew Mark Cuomo is an American politician, author, and lawyer serving as the 56th governor of New York since 2011. A member of the Democratic Party, he was elected to the same position his father, Mario Cuomo, held for three terms. He has served as Chair of the National Governors Association since August 2020.
Cuomo received national attention for his handling of the COVID-19 pandemic in New York and has written a book about his experiences of the event – released on November 10th 2020.
2 Recent Items: Andrew Cuomo
In This Story: COVID-19
Covid-19 is the official WHO name given to the novel coronavirus which broke out in late 2019 and began to spread in the early months of 2020.
Symptoms of coronavirus
The main symptoms of coronavirus are:
- a persistent new cough (non productive, dry)
- a high temperature (e.g. head feels warm to the touch)
- shortness of breath (if this is abnormal for the individual, or increased)
Latest News about Covid-19
Below are stories from around the globe related to the 2020 outbreak of novel Coronavirus – since the WHO gave the Covid-19 naming. Most recent items are posted nearest the top.
5 Recent Items: COVID-19
In This Story: New York City
New York City (NYC) is located in the U.S. state of New York. The city is the center of the New York metropolitan area, the largest metropolitan area in the world with approximately 23 million people in its combined statistical area.
New York City has been described as the cultural, financial, and media capital of the world, hosting the headquarters of the United Nations, as well as the New York Stock Exchange.
2 Recent Items: New York City
In This Story: S&P
S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. One division of the business, S&P Global Ratings, is considered the largest of the Big Three credit-rating agencies, which also include Moody’s Investors Service and Fitch Ratings.