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BJ's Restaurants Lays Off 16k Workers Due to Coronavirus Fear
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The coronavirus (COVID-19) outbreak has rattled the global economy. The pandemic has not only costed trillions to the economy, but also lead to major modifications of businesses in the Retail – Restaurants industry.
Owing to the COVID-19 outbreak, BJ's Restaurants, Inc. (BJRI - Free Report) temporarily laid off approximately 16,000 employees across its 209 outlets. The company compensated affected workers with their unused vacation and sick time while the un-eligible ones were entitled to a short-term emergency paid time. Nonetheless, it anticipates to recall the employees as soon as sales begin to improve to pre-COVID-19 levels.
With the dine-in facility being waived, the company has been experiencing significant decline in its sales levels. Notably, it has been operating only through pick-up and delivery services. The company is focusing on initiatives like regular evaluation of restaurants and temporarily closing outlets with soft sales.
So far, shares of the company have declined 60.2% compared with the industry’s fall of 20.6%. The decline was primarily caused by the coronavirus crisis.
Coronavirus Hurts Restaurant Industry’s Traffic
The restaurant industry has been facing declining traffic for quite some time. We believe that the coronavirus outbreak will further hurt traffic and sales in the coming quarters.
Many companies have hinted about business disruptions in the United States, China and across Asia due to the pandemic. The companies have also warned of soft sales trends due to increased restaurant closures.
Other major restaurant companies like Yum China Holdings, Inc. (YUMC - Free Report) , Papa John's International, Inc. (PZZA - Free Report) and McDonald's Corporation (MCD - Free Report) are also affected by this pandemic.
Today you are invited to download our latest Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
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BJ's Restaurants Lays Off 16k Workers Due to Coronavirus Fear
The coronavirus (COVID-19) outbreak has rattled the global economy. The pandemic has not only costed trillions to the economy, but also lead to major modifications of businesses in the Retail – Restaurants industry.
Owing to the COVID-19 outbreak, BJ's Restaurants, Inc. (BJRI - Free Report) temporarily laid off approximately 16,000 employees across its 209 outlets. The company compensated affected workers with their unused vacation and sick time while the un-eligible ones were entitled to a short-term emergency paid time. Nonetheless, it anticipates to recall the employees as soon as sales begin to improve to pre-COVID-19 levels.
With the dine-in facility being waived, the company has been experiencing significant decline in its sales levels. Notably, it has been operating only through pick-up and delivery services. The company is focusing on initiatives like regular evaluation of restaurants and temporarily closing outlets with soft sales.
So far, shares of the company have declined 60.2% compared with the industry’s fall of 20.6%. The decline was primarily caused by the coronavirus crisis.
Coronavirus Hurts Restaurant Industry’s Traffic
The restaurant industry has been facing declining traffic for quite some time. We believe that the coronavirus outbreak will further hurt traffic and sales in the coming quarters.
Many companies have hinted about business disruptions in the United States, China and across Asia due to the pandemic. The companies have also warned of soft sales trends due to increased restaurant closures.
Other major restaurant companies like Yum China Holdings, Inc. (YUMC - Free Report) , Papa John's International, Inc. (PZZA - Free Report) and McDonald's Corporation (MCD - Free Report) are also affected by this pandemic.
Zacks Rank
BJ's Restaurants currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Free: Zacks’ Single Best Stock Set to Double
Today you are invited to download our latest Special Report that reveals 5 stocks with the most potential to gain +100% or more in 2020. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
This pioneering tech ticker had soared to all-time highs and then subsided to a price that is irresistible. Now a pending acquisition could super-charge the company’s drive past competitors in the development of true Artificial Intelligence. The earlier you get in to this stock, the greater your potential gain.
See 5 Stocks Set to Double>>