Restaurant closings top 110K with industry in ‘free fall’

Crain's

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.

“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.”

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