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Thread: Business closures due COVID

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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน MarcTwoSix's Avatar
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    Business closures due COVID

    I was wondering people's take on this....

    Today a guy who owns a small restaurant in the Little Italy area of Boston said he may have to close his restaurant after 25yrs

    And I have seen this a lot. A famous bar in Toronto after like 30 years.

    Now, I obviously feel horrible for these people.
    I don't want anyone to lose thier business.

    But am I wrong to think places that have been in business for 20-30yrs should have some savings to survive 3/4/5 months of closure?

    I know their expenses are high but they are cutting a lot of their expenses.
    So rent(which is enormous) and maybe some other expenses

    But I don't know.
    I wouldn't want the stress of owning a business and all the expenses that come with it if it didn't make me enough money that I couldn't save a decent amount over 20-30yrs

    I don't if my take on that is the right one.
    Wondering what others think?

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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Bacon's Avatar
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    Whoever is behind this have the all working class on the planet by the ankles all at once, and are shaking them dry of all their savings. At the same time a lot of independent folk are fast shifting to government dependence and massive spending is going to turn entire new generations into slaves. Then there's talk of removing cash and all this surveillance state stuff going up while no one is paying attention. The latest being the FBI now having the power to go through your browsing history with no warrant and similar things are being talked about in Australia and elsewhere.

    This is all staged, and destroying small businesses is part of the plan.
    Not one shred of evidence supports the notion that life is serious.


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    Cadet Gold
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    I have only read online that most Hotels (locally owned) are closing for good, the big chain ones will close for renovations/refurbishment.

    As for local companies, many are suffering now. I have a couple of debtors who until today cannot be contacted...and judging from their payment history, i will probably have to write them off.

    Will probably hear more about this towards end of the year.

    Government is urging Banks to disburse government guaranteed loans, but as usual the red tape is causing lots of headache for borrowers.

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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Dupree's Avatar
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    I've been thinking the same thing. Three months and they're busted? Seems a bit lean for savings in a successful business.. You'd think they could just pause the bills all the way up the ladder. It's the dirty secret of Capitalism. A zero sum game.
    I just girl in bar. Buy me one dink?....

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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน MarcTwoSix's Avatar
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    Quote Originally Posted by Dupree View Post
    I've been thinking the same thing. Three months and they're busted? Seems a bit lean for savings in a successful business.. You'd think they could just pause the bills all the way up the ladder. It's the dirty secret of Capitalism. A zero sum game.
    My whole point, is why would you want to own a business if you can't take a 3/4month hit after 20-30yrs

    So you basically bought a job.

    I hate debt(which has caused me some gains in real estate)
    I remember when we were in talks to buy a restaurant Ao worked it
    It was a busy restaurant in a good location and the rent was 10k/more, which was very reasonable for the location

    My thinking, and maybe this is wrong
    Was I would want 2 years of total expense savings to buy the restaurant

    Because I'd have a heart attack worrying about covering my expenses every month

    So I'd look at it as a gamble of 2 years

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    I think that at least a part of the owners' calculations (when deciding to close a business) will be the uncertainty surrounding future trading.

    If you are being asked to paying three months fixed costs (rent, salaries etc.) with no revenue and then possibly start trading with an uncertain (but more likely lower) level of revenue then it would be tempting to just pull the plug now.

    And a lot of F&B businesses run on low margins and rely on high turnover.
    Quarky, Minder, Moo Uaon and 1 others like this.

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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Moo Uaon's Avatar
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    Quote Originally Posted by Cashpoint View Post
    I think that at least a part of the owners' calculations (when deciding to close a business) will be the uncertainty surrounding future trading.

    If you are being asked to paying three months fixed costs (rent, salaries etc.) with no revenue and then possibly start trading with an uncertain (but more likely lower) level of revenue then it would be tempting to just pull the plug now.
    My thinking too.
    Take up a big loan to cover costs then start up again to an uncertain future V close up and keep your savings and ponder doing something else while soaking up a Govt paid holiday....even if it's restarting a proven formula on a much smaller scale and rent when the time looks right.
    “There's someone in my head, but it's not me.”
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    Organic AI Quarky's Avatar
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    Quote Originally Posted by Cashpoint View Post
    I think that at least a part of the owners' calculations (when deciding to close a business) will be the uncertainty surrounding future trading.

    If you are being asked to paying three months fixed costs (rent, salaries etc.) with no revenue and then possibly start trading with an uncertain (but more likely lower) level of revenue then it would be tempting to just pull the plug now.

    And a lot of F&B businesses run on low margins and rely on high turnover.
    This. A lot of businesses, especially service ones like restaurants, which rely on people being close together... may not get back to normal for a couple of years.... if ever. That's a lot of lost income...
    My only experience was in a pie making factory managing the gravy team


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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน Bacon's Avatar
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    Quote Originally Posted by Quarky View Post
    This. A lot of businesses, especially service ones like restaurants, which rely on people being close together... may not get back to normal for a couple of years.... if ever. That's a lot of lost income...
    Imagine the demand and market for them once the floodgates open back up. There will literally be a boom.
    Not one shred of evidence supports the notion that life is serious.


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    Organic AI Quarky's Avatar
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    Quote Originally Posted by Bacon View Post
    Imagine the demand and market for them once the floodgates open back up. There will literally be a boom.
    When will that be though? Probably find a lot close... then open under another name. Or open as a take-away only.... as some are doing now...

    I don't know about Australia... but here in the UK, they will have so many restrictions that will be lucky if many break even... at least not until there is a vaccine... and they can function normally again...

    And when will that be? Possibly this year if we are incredibly lucky... but more likely next year... or year after...
    My only experience was in a pie making factory managing the gravy team


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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน MarcTwoSix's Avatar
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    Quote Originally Posted by Quarky View Post
    When will that be though? Probably find a lot close... then open under another name. Or open as a take-away only.... as some are doing now...

    I don't know about Australia... but here in the UK, they will have so many restrictions that will be lucky if many break even... at least not until there is a vaccine... and they can function normally again...

    And when will that be? Possibly this year if we are incredibly lucky... but more likely next year... or year after...
    Yesterday in Vancouver there were still plenty of people at restaurants, even at 50% capacity
    Couple that with delivery and takeout keeping up a bit and they may do ok

    Yesterday looked like a normal day that just wasn't super busy

    So I guess it all depends on what happens with the virus with things re-opening

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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน justcruzing1's Avatar
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    Quote Originally Posted by Bacon View Post
    Imagine the demand and market for them once the floodgates open back up. There will literally be a boom.
    I seriously doubt there will be even getting back to normal trade, yet alone a flood gate boom.

    The one thing this experience is doing is bring people back into check.
    They are not going to go back to where they were, spending willy nilly now they have had a BIG scare and face the risk of next to no income, or any employment (real unemployment at the moment is 25%)

    People's attitude will change, they will look for security, both financially and work wise. So going for a $6 coffee every morning is going to stop. etc etc etc

    We will go back more towards where our grandparents who survived wars or maybe the depression, they only had 1 or 2 debts, house mortgage and car, everything else they saved for then paid cash.
    Quarky and OZZYGUY like this.
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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน MarcTwoSix's Avatar
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    Quote Originally Posted by justcruzing1 View Post
    I seriously doubt there will be even getting back to normal trade, yet alone a flood gate boom.

    The one thing this experience is doing is bring people back into check.
    They are not going to go back to where they were, spending willy nilly now they have had a BIG scare and face the risk of next to no income, or any employment (real unemployment at the moment is 25%)

    People's attitude will change, they will look for security, both financially and work wise. So going for a $6 coffee every morning is going to stop. etc etc etc

    We will go back more towards where our grandparents who survived wars or maybe the depression, they only had 1 or 2 debts, house mortgage and car, everything else they saved for then paid cash.
    Complete opposite in Vancouver since things re-opened
    Lines waiting get into retail stores
    Food trucks back with plenty of people waiting in line
    Every patio that was open was full to the capacity allowed
    The biggest restaurant in our entertainment district was full on the inside and outside at the capacity allowed with about 30 people waiting outside

    I don't think this world is capable of "going back"

    Unfortunately the people who had money weren't too effected by this
    Most were able to keep working and even in NYC, people are wanting to get out
    I don't think this has scared off many people in terms of safety or financially

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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน OZZYGUY's Avatar
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    Well this is a take from a small business owner and I know a fair few others.

    A lot that I know are considering not reopening.

    The main reason is a lot of the people I know are 50 plus, before C19 Business was hard anyway.

    Post C19 its not going to be any better, profits will be less with people spending less as JC said.

    Why would you reopen?

    As a business owner you really got to re assess the situation especially if you have no debt and can walk away easy.
    Quarky, justcruzing1 and TLandHim like this.

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    Organic AI Quarky's Avatar
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    Quote Originally Posted by MarcTwoSix View Post
    Complete opposite in Vancouver since things re-opened
    Lines waiting get into retail stores
    Food trucks back with plenty of people waiting in line
    Every patio that was open was full to the capacity allowed
    The biggest restaurant in our entertainment district was full on the inside and outside at the capacity allowed with about 30 people waiting outside

    I don't think this world is capable of "going back"

    Unfortunately the people who had money weren't too effected by this
    Most were able to keep working and even in NYC, people are wanting to get out
    I don't think this has scared off many people in terms of safety or financially
    Thought this was interesting... the more rural areas will re-open quicker... but even in these States... it could be a while...

    How quickly will U.S. economy recover? One economist looks at Southern restaurant bookings for an answer


    My only experience was in a pie making factory managing the gravy team


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    Organic AI Quarky's Avatar
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    My only experience was in a pie making factory managing the gravy team


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    Organic AI Quarky's Avatar
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    Quote Originally Posted by MarcTwoSix View Post
    Complete opposite in Vancouver since things re-opened
    Lines waiting get into retail stores
    Food trucks back with plenty of people waiting in line
    Every patio that was open was full to the capacity allowed
    The biggest restaurant in our entertainment district was full on the inside and outside at the capacity allowed with about 30 people waiting outside

    I don't think this world is capable of "going back"

    Unfortunately the people who had money weren't too effected by this
    Most were able to keep working and even in NYC, people are wanting to get out
    I don't think this has scared off many people in terms of safety or financially
    Wonder if there will be a spike in infections after this? And it all came tumbling down...
    My only experience was in a pie making factory managing the gravy team


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    Organic AI Quarky's Avatar
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    Quote Originally Posted by justcruzing1 View Post
    I seriously doubt there will be even getting back to normal trade, yet alone a flood gate boom.

    The one thing this experience is doing is bring people back into check.
    They are not going to go back to where they were, spending willy nilly now they have had a BIG scare and face the risk of next to no income, or any employment (real unemployment at the moment is 25%)

    People's attitude will change, they will look for security, both financially and work wise. So going for a $6 coffee every morning is going to stop. etc etc etc

    We will go back more towards where our grandparents who survived wars or maybe the depression, they only had 1 or 2 debts, house mortgage and car, everything else they saved for then paid cash.
    If there is a second wave.. and no vaccine this year... I think how you describe will play out...

    Else, people who think the virus will just magically go away... are Trumpreaming...
    justcruzing1 likes this.
    My only experience was in a pie making factory managing the gravy team


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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน justcruzing1's Avatar
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    Quote Originally Posted by Quarky View Post
    If there is a second wave.. and no vaccine this year... I think how you describe will play out...

    Else, people who think the virus will just magically go away... are Trumpreaming...
    I am sure it is going to be different in each country, or state, and we really are not even 1/3 of the way thru this.

    Just as an example, here we have several benefits on offer but my friend, married with 3 teenagers and mortgage, 3 cars and credit cards is now out of work. he doesn't get any assistance because his wife earns $89k pa.
    They are struggling to meet commitments so no going out, no morning coffee except that at home. etc etc.

    I am sure they are just one of many in this situation.
    "Of course you love me darling, I handsome man 55555"

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    Uber Star Soi wanderer Thai Dreamer ผู้เพ้อฝัน MarcTwoSix's Avatar
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    Quote Originally Posted by Quarky View Post
    If there is a second wave.. and no vaccine this year... I think how you describe will play out...

    Else, people who think the virus will just magically go away... are Trumpreaming...
    Well it does "go away " if your area does the right things in regards to testing and tracing

    Which it has in many places

    So it isn't dreaming......it's public health working how it should

    Will be interesting to see if there are spikes and what will be determined ok to live with and where the line is drawn

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