TL;DR
The restaurant industry faces challenges due to Covid-19, but industry leaders remain optimistic about its long-term prospects and potential for recovery. Jim Balis, Managing Director of Strategic Operations for CapitalSpring, believes the restaurant business will come back despite current difficulties.
As restaurant dining rooms close and brands have to turn to delivery or carry-out, many restaurants have had to lay off employees. The Bureau of Labor Statistics reported that the employment status in March showed a 701,000 loss in jobs. 459,000 of those jobs were in the food and beverage services.
Jim Balis, Managing Director of Strategic Operations for CapitalSpring, was optimistic when talking to the New York Post about the food and beverage industry despite the Bloomberg Consumer Comfort Index reporting the biggest drop in history.
“I think the restaurant business isn’t going anywhere. My belief is, it will come back. Human beings are social beings,” Balis said. But, he added, “It will take time.”
In this story
This story was originally published in 1851 Franchise on April 28, 2020. Burnaze summarizes and links to the original reporting.
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