For those people who believe "the economy will snap right back when it's over" see below - there are countless businesses that are highly leveraged or in a debt reorganization processes that will be permanently impacted by being closed for months:
Bankrupt casual-dining company CraftWorks Holdings Inc. furloughed most of its 18,000 employees and is shuttering its restaurants and brewpubs as the coronavirus derails the company’s planned chapter 11 sale, people familiar with the matter said.
The Nashville-based restaurant operator has idled its locations after a devastating collapse in consumer activity and restrictions from state and local authorities on business operations and public gatherings, these people said. CraftWorks, which
filed for bankruptcy earlier this month, was hoping to sell more than 260 of its best-performing locations, possibly to Fortress Investment Group, which had offered $138 million for the assets. Now the sale process has been upended, and Fortress, a senior lender to CraftWorks, has revoked a $23 million bankruptcy loan that was keeping the company afloat while it looked for other bidders, people familiar with the matter said. The company’s cash dried up, putting the loan into default, they said.
It isn’t clear how many of the idled restaurants could ultimately reopen. A small number of CraftWorks employees will remain working in its corporate offices, a person familiar with the matter said.
Consumer-facing companies are broadly ratcheting down operations,
furloughing some employees, moving other to part-time status and resorting to layoffs in some instances as they grapple with the spreading pandemic.
CraftWorks entered bankruptcy operating 338 locations under brands including Logan’s Roadhouse, Old Chicago Restaurants, Gordon Biersch, Rock Bottom Restaurant and Brewery, Big River Grille & Brewing Works, The ChopHouse and A1A Ale Works. The company also owns Ragtime Tavern, Seven Bridges Grille and Brewery and the Big Bang at Sing Sing.