Restaurant chain Bennigan's has had to lay off or furlough up to 70 percent of its staff because of the coronavirus crisis, and Paul Mangiamele, Bennigan's chairman and CEO, told Cheddar Thursday that the decision was 'heartbreaking.'
"We've been around 44 years now… we've been hit hard," Mangiamele said. "In fact, we got sucker punched."
Bennigan's has kept necessary cooking staff and other positions so the casual dining chain can pivot operations amid stay-at-home orders around the country.
"The spirit and the iconic nature of our brand has created this ingenious way of operating now," Mangiamele said. "We're a grocery store, we're doing adult cocktails, we're doing carry-out and delivery."
During the Great Recession, Bennigan's had to file for bankruptcy and close all 150 of its corporate-owned restaurants. Its count of 138 franchises dwindled down to the 15 U.S. locations remaining today.
Mangiamele, along with his wife, purchased the chain in 2015.
"We're a resilient species. We're a resilient brand," Mangiamele said. "If we can come through a Chapter 7 [bankruptcy], we're certainly going to come through this pandemic."
Amy Farley, Executive Editor at Fast Company, joins Cheddar to reveal how the Top 50 companies were chosen for a coveted spot on the list of Most Innovative.
Chris Versace, CIO at Tematica, discusses the fed decision, the current state of the market and how news in the coming days will tell us even more. Watch!
Olipop CEO, Ben Goodwin, joins Cheddar to discuss its recent $50M funding round and why other prebiotic soda company's successes is good for business. Watch!
The Knot Worldwide CEO Raina Moskowitz joins Cheddar to reveal the top wedding trends for 2025 and why some newlyweds-to-be want their big day to be phone free!
Shark Tank star Barbara Corcoran reveals how she is handling all of this recession news, the best time to buy a home and what she looks for when hiring. Watch!
Much like all the upheaval shaking the world, the huge swings rocking Wall Street may feel far from normal. But, for investing at least, this is normal.