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sales

Operations

Racial turmoil shuts 87 Cheesecake Factory restaurants

The operations were fully or partially closed as reopened units saw sales climb back to 75% of pre-COVID levels.

Financing

HopCat’s parent files for Chapter 11 bankruptcy

The chain's CEO warned that a "giant wave of bankruptcies" is likely to follow within his brand's home state of Michigan.

The Chinese company terminated CEO Jenny Zhiya Qian and COO Jian Liu and suspended six more employees who knew of fabricated transactions.

The shift by off-premise customers to dine-in service was minimal, according to the chain’s parent.

The industry likely lost half of its sales in the second half of March, according to federal retail sales data.

Numbers from Black Box Intelligence indicate that the industry has found its bottom and is slowly regaining some customers.

The closures came as the countries take more drastic efforts to stop the spread of the coronavirus.

Reservations plunged and sales fell as fear of the coronavirus kept people home and away from restaurants.

Investors continued to flee from the industry amid recession concerns and stock market volatility.

Black Box Intelligence said it expects weak sales this year amid steep declines in areas hit by COVID-19 and mounting risks of an economic slowdown.

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