Hyatt said it had also cut pay for senior management, board members and all employees as part of a restructuring, adding that the staff who were being laid off would be eligible for receive severance pay.
Steak ‘n Shake’s parent company is closing 57 restaurants after the company took a financial hit because of the coronavirus pandemic.
Biglari Holdings Inc. said in its first-quarter report that it will close 51 company-owned stores and six franchises after net sales dropped 37%, or $61 million, compared with 2019.
“The COVID-19 pandemic has adversely affected our operations and financial results,” Biglari said in its report.
The company blamed losses on the closing of dining rooms because of the pandemic. Takeout, drive-thru and delivery remained open at most locations, but Biglari said the pandemic could disrupt the supply chain after the dining rooms reopen.
Or as America’s Newspaper of Record noted at the beginning of the month: Governor Unveils Innovative 37-Step Plan To Reopen State Over The Next 10 Years.