This week, large brands from Yum Brands to Domino's to RBI made statements regarding the current status of the industry.
FoodFirst Global, the parent of Brio and Bravo casual dining brands, closed 71 stores that may not reopen once the coronavirus pandemic is over. The company's CEO spoke with NRN editor Nancy Luna earlier this week where he said FoodFirst Global was about to launch a bullish turnaround for each brand then the "rug got pulled" with the coronavirus outbreak. Read more about the state of this restaurant group.
Yum Brands, parent to Taco Bell, Pizza Hut, KFC and The Habit Burger Grill, announced $1,000 bonuses to general managers at company-owned stores for their help during the pandemic. CEO David Gibbs also announced that he will forgoe his salary for the remainder of the year. He joins a growing list of restaurant CEOs to do so during the crisis including Darden's CEO Gene Lee and Union Square Hospitality Group's Danny Meyer.
The Senate and House both passed the stimulus bill late last week, distributing $2 trillion in funds to mitigate the damages caused by coronavirus. What does it mean for restaurants? Find out here.