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.
Joe Cecela, Dream Exchange CEO, explains how they are aiming to form the first minority-controlled company to operate an exchange in U.S. history. Watch!
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
