Bear & Joey couldn’t get past its heavy debt load, says the owner
Victoria’s Bear & Joey restaurant closed on its fourth anniversary Sunday, unable to rise above the debt load accrued during an unprecedented time for the hospitality industry.
“It all just caught up to us I’m afraid. It gets to a point where it’s like there’s being bullish and stubborn on making something work and then there’s just looking at the debt load and what realistically a business can provide and there was just a big disconnect.” “There’s still growth and there’s still things happening in the industry, but it’s with the big players and it’s the small cafes, but the ones in between are struggling.”
Challenges for the food and beverage industry include the pandemic, repayment of government loans distributed during the pandemic, inflation-driven food costs, higher labour costs, higher rents and mortgage payments, and affordability worries keeping would-be diners at home.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall Street says a Wall Street revival is finally hereBig bank bosses are not hiding their enthusiasm about Wall Street as first-quarter jumps in investment banking spur new hopes for a sustained dealmaking...
Read more »
Driver charged after car crashes into school busCollision occurred Wednesday morning at the intersection of Wellington Street East and Simpson Street
Read more »
Wall Street and Main Street still see gains for gold next week amid extreme volatilityThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Wall Street joins Main Street in the bear cave for next week as gold’s price momentum wanesThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
Sea Change Brewing pays tribute to Joey Moss with new beerAn Edmonton brewery is honouring one of the city's favourite sports icons with a limited edition Joey Moss — Man Crush Mandarin Ale.
Read more »
MLB roundup: Brewers win on Joey Ortiz's hit in 11thExplore stories from Atlantic Canada.
Read more »