A Loss of Appetite

In another lifetime I spent 12 years covering the restaurant industry.

No, not reviewing them, but rather my job was to focus on the business portion of foodservice operations although admittedly, the perks and benefits were perhaps the best of any job I’ve ever had.

For example, I had an open invitation to Le Cirque and The Four Seasons in New York, as well as Spago out on the left coast.

A veteran of the industry once told me that the single most expensive thing in a restaurant is an empty seat. So, you can imagine the degree of damage the COVID-19 pandemic has wrought on the foodservice landscape. Initially, during the pandemic, many were shuttered completely with no inkling of when they would reopen. When certain states relaxed their prohibitions, many were allowed only take-out and delivery services or relegated to outdoor dining only.

I can only image the present and future impact on CPA firms who count restaurants as a major portion of their client base. Not to say that foodservice is the only sector where firms will have to being searching for replacement clients, ditto for bowling alleys, hair salons and movie theaters.

It seemed each day another restaurant brand announced either closures or an intent to file for Chapter 11. On a personal level many familiar names were dining staples of my college and young adult life when discretionary income, was well, not so discretionary.

As an example, the parent to Burger King, Popeyes and Tim Horton’s recently announced that it would shutter “hundreds” of units, while Dunkin’ Donuts put the figure on its soon-to-be-padlocked restaurants at 800.

Full-service chains like Ruby Tuesday’s, Denny’s and IHOP will close an aggregate of 300-plus stores, while California Pizza Kitchen will file for Chapter 11. Southern-based healthy buffet concepts Souplantation and Sweet Tomatoes bypassed Chapter 11 and instead will liquidate under Chapter 7.

Pizza Hut (the venue of many of my collegiate pre-final exam dinners is closing over 300 locations, while Sizzler (did love that buffet!) will join a legion of others with a Chapter 11 filing.

Even the venerable Starbucks, which of all the brands listed above, I felt was literally recession proof revealed it would close 300-plus outlets. So much for the coffee and latte version of Kampgrounds of America.

As you can imagine, have spent more than a decade reporting on many of those brands listed above as well as hundreds of others it is sobering to see their once-promising timelines cut short.

And for those like me, memories as well.