A new report commissioned by the Independent Restaurant Coalition reveals that as many as 85% of US independent restaurants may be forced to close down by the end of the year due to the COVID-19 pandemic.
The findings revealed that independent restaurants’ revenues decreased by more than 70% year over year in the last two weeks of March.
Currently, independent restaurants’ revenues are, on average, 60% lower than last year’s numbers. Many such eateries are still closed, which means that around 4.5 million independent restaurant jobs have been lost due to the outbreak.
“In fact, job losses in the restaurant industry account for more than a quarter of the increase to the US unemployment figures since February, figures that have not been seen since the Great Depression,” the report notes.