TORONTO — It’s no secret that the restaurant industry was hit hard by the recession. The numbers speak for themselves in a recent Financial Post story about the effect the slowdown will have on the industry in 2010.
“Canadian restaurants right now are doing what restaurants have been doing over the last two years in the U.S. They are going to be doing whatever they can do to conserve cash: cutting overhead, renegotiating leases and reducing advertising spend,” Drew White, chief financial officer at Sageworks, a market research firm based in Raleigh, N.C., is quoted as saying in the newspaper.
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