Fast food isn't shielded from the economic collapse: Fast Food Maven reports:
Yum Brands, the parent company of Irvine-based Taco Bell, told the Associated Press today that it plans eliminate hundreds of jobs at its corporate headquarters. Layoffs are also targeted at Taco Bell and Pizza Hut.
Eric Aubriot, chef/owner of Chicago restaurants Aubriot, Tournesol and Fuse, on the economy:
Right now, I’m just hanging out and taking a step back. You’d have to either be crazy or stupid to open a restaurant right now. I’m just waiting.
Further evidence that the restaurant industry is having a tough time: the cancellation or trimming down of holiday parties. The New York Times reports that American Express canceled its holiday party (and the next years as well), and ABC News canceled annual parties in New York, Los Angeles, and Washington. Other companies are paring down: [...]
Well, at least the Zagats say there's nothing to be worried about. The internet was abuzz yesterday over Tim and Nina Zagat's editorial for the Wall Street Journal titled "People Still Have to Eat." But I think their reasoning is seriously flawed.
Admittedly, they've been at this a long time—the Zagat Survey dates back to 1971, [...]
It's not just restaurants that going under in the UK. Tim Hayward writes for the Observer:
In the past few months the foodie media have adopted a new tone: a kind of guilty nervousness... there's also an uncomfortable realisation that much of what we have come to regard as a kind of 'foodie establishment' developed in [...]
The credit crunch / economic turmoil hitting the US is also affecting the dining scene in the UK. Witness: Michelin-starred Tom Aikens' two restaurants went under, screwing their suppliers out of money owed. Jay Rayner, writing in the Guardian UK, fears for the UK's restaurant industry:
There is a new smell emanating from the heart of [...]