The former CEO of CKE Restaurants, the parent company of Hardee's and Carl's Jr., says some restaurants simply won't survive the coronavirus outbreak.
"I think you'll probably see some of the weaker companies not around when this is over," Andy Puzder told Cheddar on Tuesday.
Puzder, who is a vocal supporter of President Donald Trump and the author of "The Capitalist Comeback: The Trump Boom and the Left's Plot to Stop It," believes the current stimulus package is likely to help restaurants, but it's long-term trends that will keep them alive.
"I will say that restaurants are a lot better set up to respond to this today than they would have been five or six years ago because now you've got third-party delivery all across the industry," he said. "Almost every company, almost every brand has third party delivery. That's a big deal in this crisis. I think a lot of people are ordering food online. It's very important."
He also said he's seeing an uptick in drive-through and curb-service options at chains formerly invested in the sit-down experience, such as Outback Steakhouse offering delivery.
"I think you're seeing restaurants striving to do everything that they can to survive," he said.
One upside, according to the former CEO who had touted the strength of the economy despite the coronavirus earlier this month, is that the stimulus package accounts for restaurants' business model.
The $2.2 trillion bill makes an exception for restaurants and hospitality companies, in which they can access small business assistance for individual locations, even if their whole company cumulatively has more than 500 employees.
While Trump had a bit of a "slow start," Puzder said, he's doing well in addressing the crisis. "I think his response has been great," he concluded.
A moon landing attempt by a private US company appears doomed because of a fuel leak on the newly launched spacecraft. Astrobotic Technology managed to orient the lander toward the sun Monday so its solar panel could capture sunlight and charge its onboard battery.
Treasury Secretary Janet Yellen has announced that 100,000 businesses have signed up for a new database that collects ownership information intended to help unmask shell company owners. Yellen says the database will send the message that “the United States is not a haven for dirty money.”
A new version of the federal student aid application known as the FAFSA is available for the 2024-2025 school year, but only on a limited basis as the U.S. Department of Education works on a redesign meant to make it easier to apply.
A steep budget deficit caused by plummeting tax revenues and escalating school voucher costs will be in focus Monday as Democratic Gov. Katie Hobbs and the Republican-controlled Arizona Legislature return for a new session at the state Capitol.
The first U.S. lunar lander in more than 50 years is on its way to the moon. The private lander from Astrobotic Technology blasted off Monday from Cape Canaveral, Florida, catching a ride on United Launch Alliance's brand new rocket Vulcan.
Global prices for food commodities like grain and vegetable oil fell last year from record highs in 2022, when Russia’s war in Ukraine, drought and other factors helped worsen hunger worldwide, the U.N. Food and Agriculture Organization said Friday.
Wall Street is drifting higher after reports showed the job market remains solid, but key parts of the economy still don’t look like they’re overheating.
The Biden administration is docking more than $2 million in payments to student loan servicers that failed to send billing statements on time after the end of a pandemic payment freeze.
The nation’s employers added a robust 216,000 jobs last month, the latest sign that the American job market remains resilient even in the face of sharply higher interest rates.
A U.S. labor agency has accused SpaceX of unlawfully firing employees who penned an open letter critical of CEO Elon Musk and creating an impression that worker activities were under surveillance by the rocket ship company.
