Restaurant industry warns of ‘economic freefall’

By Around the Web

(ZEROHEDGE) – The National Restaurant Association (NRA) sent a damning letter to Congress addressing the collapse of more than one hundred thousand restaurants across the country this year because of the virus pandemic. In just the last three months, the letter said more than 10,000 eateries have closed, and thousands of others are in “economic freefall.”

The letter goes into detail about the association’s most recent nationwide survey, which determines that most restaurants are still experiencing a plunge in sales revenue. Many operators believe more furloughs or layoffs are imminent. As we noted last week, the layoffs have already begun.

“What these findings make clear is that more than 500,000 restaurants of every business type – franchise, chain, and independent – are in an unprecedented economic decline. And for every month that passes without a solution from Congress, thousands of more restaurants across the country will close their doors for good,” Sean Kennedy, executive vice president of public affairs at the association, said in a letter to Congress.

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