One-Third of New York's Small Businesses May Be Gone Forever
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Source: New York Times
More than 2,800 businesses in New York City have permanently closed since March 1, according to data from Yelp, the business listing and review site, a higher number than in any other large American city.
About half the closings have been in Manhattan, where office buildings have been hollowed out, its wealthier residents have left for second homes and tourists have stayed away.
When the pandemic eventually subsides, roughly one-third of the citys 240,000 small businesses may never reopen, according to a report by the Partnership for New York City, an influential business group. So far, those businesses have shed 520,000 jobs.
While New York is home to more Fortune 500 headquarters than any city in the country, small businesses are the citys backbone. They represent roughly 98 percent of the employers in the city and provide jobs to more than 3 million people, which is about half of its work force, according to the city.
Read more: https://www.nytimes.com/2020/08/03/nyregion/nyc-small-businesses-closing-coronavirus.html?smtyp=cur&smid=tw-nytimes
empedocles
(15,751 posts)yuiyoshida
(41,831 posts)Its gonna take a long, long time ... to put this country back together again, as it was during the time of Obama. Trump has trashed our government... made it his own personal toys, to bend or break it if he wants to...and he has broken this country.
keithbvadu2
(36,775 posts)The Trump economy
3Hotdogs
(12,372 posts)One of the restaurants permanently closed. "The virus killed us." was posted on their website.
Initech
(100,063 posts)And the restaurant that closed was a great place that I used to frequent too. It's right next to the store where I get a lot of my booze / beer from and it makes me sad every time I drive by it. This pandemic really sucks.
Evolve Dammit
(16,723 posts)Let the cities and states go bankrupt. Moscow Mitch suggested it. It's what they want. Congratulations Vlad. Well done. Agent Orange got it done in less than 4 years. Arms sales are sky-rocketing. Do not take this lightly. Be well friends. We are in serious trouble.
Wellstone ruled
(34,661 posts)and in some locals, 60-70% will be forced to BK. Noticing more Strip Malls are emptying out by the day.
The Moratorium on Business Rental Evictions has accelerated the process. Here it is the Minority Owners that are getting clobbered. Many survived the 07' Bush/Cheney debacle only to be wiped out by the Orange Nightmare.
greenjar_01
(6,477 posts)In New York City.
It's already happening. Wait until it gets cold, and the farce of outdoor dining supporting the NYC hospitality industry collapses.
pfitz59
(10,358 posts)Folks were living on edge before the crisis. This just just finished them off.
Grokenstein
(5,722 posts)"To run America like a business!," they're lying; they wanted a 24/7 real-life episode of The Apprentice, in which Donny Littlehands destroyed the lives of other people--''Those People''--for their amusement.
But go ahead and congratulate them anyway. They got exactly what they claim they wanted. You could try to explain the difference between a nation and a business, and why running one like the other is a terrible idea--but if they don't grasp the difference by simply looking around, there's no hope for them.
applegrove
(118,622 posts)Alert: analysis
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