Irene Jiang / Business InsiderOlive Garden same-store sales fell by 28.2% in the most recent quarter, parent company Darden reported on Thursday. Fifty basis points — or 0.5% — can be linked to the Times Square location.
"I went up to a rooftop deck and it was two deep at the bar," Darden CEO Gene Lee told investors. "It's just a different life in Georgia. I know it's hard for you guys in New York to even imagine that." Olive Garden's Times Square restaurant is burning through $300,000 every week, as New York City restaurants struggle to survive.
"We start every single week $300,000 in the hole from a comp store basis ... just from that one restaurant," Lee said on a call with investors on Thursday. While Olive Garden has higher costs as a massive, three-story restaurant in the heart of Times Square, most New York restaurants are struggling to turn a profit. According to a recent survey by the New York City Hospitality Alliance, 87% of the city's restaurants, bars, and nightlife establishments could not pay full rent in August.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Well duh it's a different world in georgia because their governor has his head so far up Trump's butt it might as well be a different planet.
So sad SMH... defeats the purpose of paying that high ass rent.... Unintended consequences
I would help just 30 people earn $4,000 in 24hours trading stocks, if interested inbox me for full info.
People visit Times Square to eat at Olive Garden?
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside the last workshop making traditional Portuguese cowbells by hand - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
An inside look at aerial firefighting of raging West Coast wildfires - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
5 factors every leader should consider when hiring - Business InsiderI'm the CEO of Okta, a $27 billion tech company, and one big secret to our success is hitting our headcount. Here's how I track it and what I think executives need to prioritize when hiring. (by toddmckinnon) toddmckinnon Are you NEW to FOREX? Minimize your losses with my expert strategy with an investment capital of $300, i can guarantee $3,500 as profits after 5days of investment without sending money to anyone . Inbox me if interested.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Webinar with Business Insider's politics team on presidential election - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Of course the debates are superfluous. They give people the wrong reasons to vote for a candidate, i.e., who is the most handsome, most witty, most funny, give the best one liners, reads the best speech, etc.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Aurora Cannabis stock decline, earnings: Lost $3.3 billion - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »