Steak ‘n Shake Permanently Closing 57 Restaurants, Hyatt To Lay Off 1,300 Employees As Pandemic Cripples Travel.

HYATT TO LAY OFF 1,300 EMPLOYEES AS PANDEMIC CRIPPLES TRAVEL.

Hyatt Hotels Corp said late Monday it would lay off 1,300 people globally as it tries to cope with the coronavirus crisis, which has virtually halted global travel by keeping people indoors.

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 PERMANENTLY CLOSING 57 RESTAURANTS AMID CORONAVIRUS PANDEMIC.

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.

 

READ  WHERE’S THE SCIENCE? As my local Board of Health ponders closing gyms and bars their own data doesn’t support that action:

COST SAVINGS: Google Cuts Off Free Food For Its Employees Working From Home During COVID-19.

MASSACHUSETTS’ CORONAVIRUS FOUR-PHASE PLAN: Gov. Charlie Baker “uncomfortable” reopening state from coronavirus shutdown.

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.