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It's also held onto 90% of to-go sales at locations that have re-opened dining rooms.
The operations were fully or partially closed as reopened units saw sales climb back to 75% of pre-COVID levels.
Off-premise sales are running at an annual rate of about $4 million a year.
First Cheesecake Factory, then BJ’s Restaurants, now Dave & Buster’s. RB’s The Bottom Line looks at the latest trend in investing amid the coronavirus.
The Cheesecake Factory
The private-equity firm, which owns Arby's and Buffalo Wild Wings, has acquired 200,000 shares of preferred stock for $200 million.
Per-unit sales are running at about a third of the volume of pre-COVID-19 days, but that's still $3 million in annual per-store revenues. And costs have been aggressively cut.
Takeout and delivery business recently jumped 85%, but comps for March fell 46%.
The company said it is negotiating with landlords for a break on rent for the duration of the COVID-19 crisis.
Landlords have been alerted by letter that restaurants will stop payments beginning with their April obligations.
These emerging chains are the growth vehicles to watch—the ones poised to be major industry players in the coming years.
Food trends and recipes to keep menus fresh
New restaurants and soon-to-open concepts worth monitoring
RB’s exclusive ranking of the highest-grossing independent restaurants
Peter Romeo highlights the moments restaurateurs miss at their own peril
Ideas from the field you may want to borrow