Grubhub CEO Matt Maloney says the food delivery company has seen record numbers amid the coronavirus pandemic, as state and local lockdowns have forced restaurants to close their dining rooms.
Maloney said many small independent businesses don't have a month's worth of cash on hand, making it unlikely they'll be able to reopen after a month-long closure.
"In some markets, we're seeing as high as 30 percent restaurant closures," Maloney told Cheddar Thursday. "It really is a devastating time for many of them. We're also seeing record numbers of new restaurants reach out to us to try to implement delivery, because in many cases while their dining rooms are shut down, their kitchens are still open for delivery.”
He said delivery has become a “revenue lifeline” for businesses trying to stay open or at least keep their hourly employees paid so they don’t leave for other jobs.
One factor that could change the economic outlook for struggling restaurants is the $2 trillion stimulus package making its way through Congress that is designed to help small businesses survive through the outbreak.
"I'm really happy that the federal government has stepped in to provide that support," Maloney said. "We can't afford to do it for the independent restaurants across the country for months and months, and this is the federal government's job to do it.”
Maloney added that he is waiting to see the details of the package and when exactly businesses and restaurants will see the promised support.
Oracle soars as it cashes in on the AI boom, Plus: Starbucks shares continue to fall under its new CEO, and does anybody actually want a new iPhone Air?
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
Aurimas Sabulis, CEO of Dextall, unveils how AI‑driven prefabricated façades slash design time by 80%, labor by 87%, and accelerate affordable housing delivery.
