So, what's behind this fast-casual reckoning? It's proof the inflation virus is still inflecting America's post-pandemic economy.
Revelation 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- Shark Tank star Kevin O’Leary reveals why restaurants are closing down across America and warns MORE closures are on the way
- The US restaurant industry finds itself on the menu.
- Seemingly every day, there’s a headline announcing a bankruptcy, layoff or store closure impacting one of the country’s most beloved brands.
- Last month, Red Lobster filed for Chapter 11 after closing nearly 100 stores. Cracker Barrel – with restaurants in 45 states – has seen its share value plummet over the last year. The once-booming chain Boston Market, which boasted 1,200 locations in the 1990s, is now reportedly down to two do
- So, what’s behind this fast-casual reckoning?
- It’s proof the inflation virus is still infecting America’s post-pandemic economy.
- Supply chains crippled by the COVID pandemic lockdown haven’t recovered. Food costs – especially for proteins like chicken, beef and seafood – are up 30 to 40 percent over the last 36 months. Worst of all for the restaurant industry – customers haven’t returned from the shutdowns.
- Business closures and social-distancing mandates forced people to change the way they eat. Sixty million Americans – a massive chuck of the population that is aged 60 years and above – were forced to use their smartphones to order a ‘treat’ dinner for the very first time in 2020.
- In order to survive, many have had to transform themselves into commercial kitchens specializing solely in takeout.
- Some businesses will have to go bankrupt, reorganize themselves entirely and move to less expensive areas.
- However, there’s nothing to be done when consumers simply refuse to spend.
- Newsom signed a law in September jacking up the minimum wage for fast-food workers from $16-per-hour to $20 – making decades-old businesses unprofitable overnight.
- One California trade group estimated the Maduro-style edict led to the firing of nearly 10,000 workers even before the law went into effect on April 1.
- A West Coast Burger King franchisee with 140 restaurants announced he’d replace workers with digital order-taking kiosks. A major Pizza Hut operator eliminated delivery services and laid off thousands of drivers.
- Now, just 90 days into the new regime, businesses are dropping like flies.
Read the original article by clicking here.
