While the nation’s largest publicly traded restaurants face a less than 1 in 5 chance of defaulting in the next year, according to the new report by S&P Global Market Intelligence, they remain in perilous terrain.
“The odds that the largest publicly traded U.S. restaurants will default fell in recent months as states allowed businesses closed by the coronavirus pandemic to reopen,” S&P says in the new report. “But the ongoing financial hits from the virus and uncertainty over whether laid-off consumers will receive expanded unemployment benefits continue to pressure the industry as more companies enter bankruptcy.”But some are faring better than others.
Dave & Buster's recorded a net loss of $43.5 million for the quarter ended in early May. But the company has taken steps to raise money, including securing new investment financing, that have significantly improved its chances of surviving without defaulting, according to S&P.This chain, whose famous Bloomin' Onion item shares a first name with the restaurant’s parent company, faces a 13.2% chance of defaulting.
But CEO John Miller said in a July 28 statement that"we believe we are well-positioned to effectively navigate further impacts of the pandemic while preparing for eventual and future growth."Having already failed to make rent payments on time in the spring, The Cheesecake Factory has been facing financial troubles since the start of the crisis. On the other hand, experts say the company’s decision not to pay rent on time might have been a negotiating tactic with landlords.
This restaurant crisis is completely the fault of all the governors who shut their states down. Everyone if those governors are financially liable to the restaurant industry
they lack the use of intelegent solutions
Dems hate business
Trump signed executive order to extend unemployment benefit. Democrat led Congress took a vacation until sept 14 with no deal before they left. Dems only care about Nov 3rd. Sad.
What about all of these small businesses that has ruined people's lives? That should be your headline. Duh
That’s life. All must go the way of the dinosaur eventually.
Trump signed funds for buses all over America boz people really need to use them right now... 😕🤷♂️
The Outbacks time has come and gone. Whats more important, human lives or your shitty food?
Shut them all down, we don’t want low quality frozen food
It's all in preparation for BillOReilly 's next book, 'Killing of America'.
DemoRats tactics to take over.
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