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.
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
About 780,000 pressure washers sold at retailers like Home Depot are being recalled across the U.S. and Canada, due to a projectile hazard that has resulted in fractures and other injuries among some consumers.
President Donald Trump has fired one of two Democratic members of the U.S. Surface Transportation Board to break a 2-2 tie ahead of the board considering the largest railroad merger ever proposed.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
