While the COVID-19 pandemic has had a devastating economic impact globally, few industries have been as hard hit as restaurants and hospitality. In the U.S. alone, losses north of $225 billion are projected over the next three months.
This week, GZERO World with Ian Bremmer is focusing on this story and what it means for businesses and employees alike. Ian interviewed famed restaurateur Danny Meyer, the CEO of Union Square Hospitality Group and founder of Shake Shack. In a candid and detailed conversation, Meyer discusses the toll coronavirus has taken on his own business, his decision to let go 80% of his workforce (2000 employees) and the dimming prospects of survival for many restaurants in America, including some of his own.
In this first clip, Meyer explains why he believes his controversial "no tipping policy," which raised hourly wages for his employees, could help them as they apply for unemployment benefits. He goes on to say that when he is able to reopen his businesses it will take time to rebuild the teams, and he will likely only reopen one or two of the establishments at first.
The episode begins airing nationally on public television on Friday, March 27. Check local listings and visit gzeromedia.com for more.