Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.
Olive Garden is losing hundreds of thousands of dollars every week from just one location in New York City because of the coronavirus pandemic.
Continue Reading Below
The Times Square Olive Garden typically brings in $15 million a year, but now it’s losing $300,000 a week. That’s because of state restrictions on indoor dining, said Gene Lee, the CEO of Olive Garden’s parent company Darden Restaurants, on a Thursday call to investors.
“We start every single week $300,000 in the hole from a comp store basis,” Lee said about the Times Square location.
In fact, he said that location alone is costing the chain “50 basis points in comps.”