Legislation Enabling Policyholders to Obtain Insurance Coverage
For coronavirus claims is Constitutional – Part 1. A response to the insurance industry’s position has been introduction of legislation voiding virus exclusions and/or defining physical injury to include coronavirus. New Jersey, Massachusetts, Ohio, New York, Pennsylvania, and South Carolina are all considering such legislation. The proposed bills generally provide that, notwithstanding any other law or policy language to the contrary, every insurance policy that insures against loss or damage to property which includes the loss of use and occupancy and business interruption shall be construed to include coverage for business interruption resulting from COVID-19. The bills typically provide mechanisms for insurers to seek reimbursement from a state established and managed fund for losses paid related to COVID-19.
Return to Restaurants
Our first post-lockdown meal out, with wine. Restaurants around the country are slowly coming back online, as post-lockdown regulations start to lift. In Atlanta, where I live with my family, the list of restaurants that are re-opening for dine-in service include some family favorites along with a few (so far) notable exceptions. We were just as eager to dine out again as we were to continue supporting local businesses during this global pandemic, so we booked a table at a familiar casual restaurant for this past Saturday evening. The light-at-the-end-of-the-tunnel feeling was driven more by an eagerness for a return to favorite activities, including dining out and drinking new wines from a carefully considered list.
Robot Waiters, Mannequins and Rooftop Dining
How we’ll start to go to restaurants again. Masks, social distancing and empty spaces don’t make for the best dining experience, but these are the measures restaurants may have to contend with when they tentatively start to reopen. The hospitality industry has been shattered by the coronavirus pandemic. In the U.S., restaurants lost $80 billion through April, according to the National Restaurant Association. And while those in the sector that focus on takeout might have an easier time of reopening, upscale restaurants that rely on their ambiance — as well as their food — are coming up with creative ways to reopen.
Frustrated and Struggling, New Yorkers
Contemplate abandoning the city they love. New York City is a shadow of its pre-pandemic normal. Many residents are out of work, out of money, out of patience and out of sorts. Reassessments are happening throughout the country, but nowhere else are they as sharply focused as here, in the nation’s most populated, most dense, most diverse metropolis — where more than 21,000 have died. Even with all the chaos, filth and struggle, nostalgics have long mourned every change in what they called the “vanishing” city. But calls to the city’s mental health hotlines have surged. Whether they have left, or whether they have no option to leave, New Yorkers are having to ask themselves whether the city they love is really still livable.
TGI Friday’s to Permanently Close
Up to 20% of US restaurants. Dozens of TGI Friday’s restaurants won’t reopen as the chain struggles to recover from a drastic sales decline due to the Covid-19 pandemic. As many as 20% of the company’s 386 U.S. locations will likely have to close permanently, Chief Executive Officer Ray Blanchette said in an interview. The American sit-down dining chain known for burgers, ribs and shareable appetizers like chicken wings is one of many in the industry struggling to bring in customers who are largely still sheltering at home. The hardship reflects the challenges across the restaurant industry, as companies close stores and try to adapt by shifting to drive-thru, pickup and delivery.
Did You Know?
N.J. to allow outdoor graduations: live updates. Schools in New Jersey will be allowed to hold outdoor graduation ceremonies in July, Gov. Philip D. Murphy announced on Tuesday. Ceremonies can begin July 6 and must comply with social distancing rules, Gov. Philip D. Murphy said. The announcement came after Mr. Murphy loosened a number of restrictions ahead of the Memorial Day weekend, including allowing outdoor gatherings of up to 25 people.
Summer employment in restaurants is another casualty of the coronavirus. Normally at this time of year, the National Restaurant Association would be releasing its annual Eating and Drinking Place Summer Employment Forecast – a state-by-state outlook for hiring trends during the busiest season for most restaurants. Restaurants across the country – gearing up for the opening weekend of the summer season – would be increasing their staffing levels to welcome the influx of additional guests. These summer jobs would be filled by a wide variety of individuals – teenagers, college students, teachers – even retirees who want to pick up a couple shifts at the 19th hole of their local golf course. A summer job in a restaurant is often where many people get their first work experience. According to new National Restaurant Association research, one-half of adults say their first regular job was in the restaurant industry. However, for this year’s crop of first-time job seekers, many of these traditional employment opportunities will not be available.
Bielat Santore & Company – Restaurant Industry Daily Alerts
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Thank you and remember all of the “Restaurant Industry Alerts” and “Thursday Restaurant Rap” interviews can be found at www.njrestaurantsforsale.com/news/. We intend to continue to keep you informed as we all look for an end to this crisis.
How to market your restaurant for sale during the coronavirus pandemic. Of course, it will be challenging to market and sell businesses that have temporarily been shuttered during the pandemic, because valuations are based on historical financial data. However, whether you choose to reopen your business or not, owners can still position them for sale. So, what should you do if you want to sell in the next 6 – 12 months? Contact a good business broker that specializes in the sale of hospitality real estate and businesses. Bielat Santore & Company, Allenhurst, NJ has been brokering such sales for over 40 years and will be able to help you come up with flexible deal structures and capital sources to make a sale possible; call for a free consultation – 732.531.4200.