GrubHub’s (NYSE:GRUB) CEO says dine-in sales at local restaurants are down as much as 75% amid the coronavirus outbreak. Traffic likely won’t be better for weeks or even months as more statewide dine-in restrictions take hold.
GrubHub plans to defer commission fees for impacted independent restaurants during the difficult period.
Looking at the supplier side of the industry, Hedgeye’s Howard Penney tweets that Sysco (SYY -14.1%) is in big trouble due to the short-term demise of dine-in. Sysco (SYY -14.1%), Performance Food Group (PFGC -36.7%), Chefs’ Warehouse (CHEF -36.9%) and Aramark (ARMK -23.8%) are also trading like there are dark days ahead.