Half of food service companies are operating at a loss or just breaking even, a new survey of restaurant owners in Canada has found.
Sales have improved in the wake of the COVID-19 pandemic but profits are down “due to soaring operating costs” and low foot traffic that never recovered from pre-pandemic levels, writes Restaurants Canada in its Foodservice Facts 2023 report.
The industry group calls the situation a “mirror version” of the pre-pandemic scenario. Before March of 2020, it says seven per cent of restaurant companies were losing money and five per cent were breaking even.
globalnews.ca/news/10046062/restaurants-losing-money-2023-report/
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