Renewed COVID restrictions have sales slipping, burn rate climbing
The steep rise in COVID-19 cases across the country has put a hefty dent in the sales recovery at J. Alexander’s Holdings, executives of the restaurant company said Monday while withdrawing their $5 million fourth-quarter cash flow forecast.
The new or renewed restrictions on restaurants’ seating capacity means 10 of the 46 J. Alexander’s locations now cannot host diners indoors. That has revenues which had climbed to 90 percent of prior-year levels in September and October to slide. They were down 20 percent year over year in November and are now off more than 30 percent from 2019’s levels comparable to where they were in July.