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.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
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Disney's changes to a program for disabled visitors are facing challenges in federal court and through a shareholder proposal. The Disability Access Service program, which allows disabled visitors to skip long lines, was overhauled last year. Disney now mostly limits the program to those with developmental disabilities like autism who have difficulty waiting in lines. The changes have sparked criticism from some disability advocates. A shareholder proposal submitted by disability advocates calls for an independent review of Disney's disability policies. Disney plans to block this proposal, claiming it's misleading. It's the latest struggle by Disney to accommodate disabled visitors while stopping past abuses by some theme park guests.
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