With the threat of holiday-related COVID-19 spread passed, restaurants across New York are reopening for indoor dining — except for restaurants in the state's biggest city. New York City restaurateurs are fighting back for their very survival. Seaport House owner and executive chef Kian Khatibi is pushing on with a lawsuit, filed in December, demanding immediate reopening of indoor dining.
Khatibi opened Seaport House, a seafood joint in the historic South Street Seaport district, on October 31 in the thick of the COVID-19 pandemic. Building out and opening a restaurant amid the pandemic was no cakewalk, but neither is operating.
"Right now, you know, we're running on an empty tank. Every day pays our bills. And that's about it," he said.
The new restaurant got to enjoy less than two months of indoor dining, albeit at significantly reduced capacity, before New York Gov. Andrew Cuomo cracked down again. As of mid-December, indoor dining closed down again, indefinitely, as COVID-19 cases spiked across the state and nation.
But the data behind the governor's decision didn't sit well with Khatibi, who is also a licensed attorney. According to data collected by the state, bars and restaurants are responsible for roughly 1.4 percent of new coronavirus infections. By contrast, the top contributor to spread, private gatherings, accounts for a whopping 74 percent of infections.
He decided to sue, arguing that indoor dining saves lives by giving people something to do other than gather in private homes.
"People are congregating," said Migir Ilganayev, Khatibi's co-council on the case. "By shutting down indoor dining, places that are safe, that are ventilated, that provide UVC lights in the ceilings, open windows — when you take that away from the people, especially during the holiday season, they'll find a place to go."
Although many cases questioning the constitutionality of lockdown orders have been slapped down by judges, Ilganayev said he thinks they have a chance because "numbers don't lie."
The case is heading to court for a preliminary injunction hearing on Jan. 21.
The coronavirus pandemic has been devastating to the restaurant industry, which even in the best of times is a business with very slim margins. More than 1,000 restaurants have shut down permanently in New York City, alone, according to Eater.
A relative newcomer to New York City's restaurant scene, Seaport House is getting by, thanks largely to an expensive outdoor seating installation. But even the optimistic Khatibi knows times ahead will be tough if indoor dining remains shut down amid winter.
"You know, we just have to make it to March," he said.
Four-day week global, an organization in the UK, is pushing for a society where health and wellbeing come first, and a world in which people work to live, rather than live to work. They're demanding a four-day work week based o a recent study that proves productivity increases when working hours are reduced to 32 hours a week. Now, at least 30 companies in the UK are taking part in a four-day work week trial. joining me now is Charlotte Lockhart, founder of four-day week global.
The streaming giant Netflix posted its latest earnings from its fourth quarter after the close on Thursday. The company's stock plummeted shortly after the company warned that its rate of subscription additions are slowing down. Senior Reporter at MarketWatch Jon Swartz, joined Cheddar to discuss more.
Revenue operations platform Clari recently raised $225 million in a Series F financing round led by Blackstone, bringing the company's valuation to more than $2.6 billion. Calri says more than 450 companies from around the world use its A.I.-powered platform to make their revenue operations more connected, efficient, and predictable. Clari CEO Andy Byrne joined Cheddar News' Closing Bell to discuss.
Technology company Unity announced it has acquired Ziva Dynamics. Marc Whitten, SVP & GM, Create at Unity, joins Cheddar News' Closing Bell, where he discusses how this move will help his company democratize real-time character creation.
Wellness retreats have grown in popularity as self-care has become a bigger focus during the pandemic. Jamie Costello, Vice President of Sales and Fitness at Pritikin Longevity Center, joined Cheddar to discuss the goals of a retreat program, and how to make health and wellness accessible to more people.
The gambling industry has seen a boom since shutting down in 2020, outpacing even pre-pandemic levels. But as gamblers have returned to the tables, there's been a rise in reports of gambling addiction as well. Sara Slane, founder of Slane Advisory and sports betting/casino gaming executive, joined Cheddar to discuss the state of the gambling industry.
Shares of Peloton recovered after CEO John Foley debunked rumors that the company would halt production of some products, confirming that the company will instead be quote 'right-sizing' production as it faces lagging demand.
This comeback for the stock comes after reports surfaced that Peloton could completely hit the brakes on production of its bikes and treadmills. In the last year, Peloton has wiped nearly $40 billion off its market cap, with its stock down over 70% in 2021. Doug Astrop, managing partner at Exponential Investment Partners, joined Cheddar Movers to discuss.
After an intense hours-long meltdown Monday, stocks closed higher in a last minute, stunning comeback. At one point, the Dow shed over 1,000 points, the tech-heavy Nasdaq was down close to 5% and inching toward correction territory, and the S&P 500 briefly hit a correction earlier in the day. During most of Monday's session, stocks were on track to mark their worst months since March 2020, and for the Nasdaq, since October 2008. Philip Palumbo, Founder, CEO and Chief Investment Officer of Palumbo Wealth Management, joined Cheddar News' Closing Bell to discuss today's stunning market comeback, whether there's more room for stocks to fall, his 2022 market predictions, and more.
