>>> INFLATION IS FUELING THE
FINANCIAL CRUNCH.
WHAT’S IN STAKE AHEAD OF
TOMORROW’S ANNOUNCEMENT.
HE CONTROLS MORE THAN 30
APPLEBEES.
YOU HAVE TAKEN A LOT OF PUNCHES
STARTING WITH THE PANDEMIC AND
CRIME SPREE, ETC.
LET’S START WITH THE LABOR
SHORTAGE.
ARE YOU FINDING IT DIFFICULT TO
FIND HELP THESE DAYS?
>> WE ARE NOT.
>> WHY NOT?
>> YOU CAN’T BE RESPECTFUL AND
NICE TO PEOPLE AFTER COVID-19
HIT.
IT’S OUR CULTURE AND MONTRA.
WE WERE ALWAYS RESPECTFUL.
IF THE LABOR AND MANAGEMENT CAN
GET IT ALONG AND THEY DO GET IT
ALONG.
IT’S WHEN IT’S CONFRONTATIONAL.
>> PEOPLE, YOU HAD TO SAY WE’LL
CALL YOU.
WHEN YOU CALLED THEM AFTER THE
SHUTDOWNS WERE OVER THEY CAME
BACK.
>> WE STAYED IN TOUCH WITH
THEM.
PEOPLE WATCHING, WE HAVE MORE
PEOPLE THAN WE NEED RIGHT NOW.
WE HAVE PEOPLE CALLING AND
ASKING WHEN WILL YOU OPEN YOUR
NEXT RESTAURANT.
>> OKAY, THE PROBLEMS YOU ARE
SEEING, TOMORROW WE ARE SUPPOSED
TO GET A 300,000 JOB NUMBER.
IT’S A FAIRLY GOOD JOB NUMBER
AND SOMETHING TO CHEER ABOUT.
DO YOU THINK, BECAUSE OF THE
PRESSURES OF INFLATION AND WE
HAD TWO NEGATIVE QUARTERS IN THE
FIRST HALF OF THE YEAR, WE MIGHT
GET INTO PROBLEMS WITH REGARD TO
JOBS AND COMPANIES GOING OUT OF
BUSINESS AND SURPLUS GOING
AWAY?
>> I THINK WE ARE ALREADY
THERE.
BED BATH AND BEYOND HAD A BRIDGE
LOAN OR THEY WOULD HAVE FILED
FOR BANKRUPTCY.
REVLON FILED FOR BANKRUPTCY.
IN THE RESTAURANT BUSINESS, WE
EMPLOYED WELL OVER 10 MILLION
PEOPLE PRECOVID-19.
WE ARE A MILLION SHY.
WE ARE 8% UNDER PRECOVID-19 AS
AN INDUSTRY.
I BELIEVE, IF WE ARE NOT THE
LARGEST EMPLOYING INDUSTRY FOR
SURE.
WE ARE STARTING TO SEE WILTING
AROUND THE EDGES.
GOOGLE AND AMAZON HAVE NO
DIVIDE.
THEY WON’T HIRE ANY MORE.
ONLY TODAY I BELIEVE IT SNAPPED AND NOTIFIED THEY WERE LAYING
AND NOTIFIED THEY WERE LAYING
OFF 10% OF THEIR LABOR
SHORTAGE.
>> A LOT OF PEOPLE DON’T THINK
IT WILL LAST.
IN TERMS OF THE LABOR CROSS AND
THEY SKYROCKETED TO THE PRICE OF
ENERGY.
>> MORE THAN ANY SINGLE
INDUSTRY.
SO, HOW DO I THINK THE
ADMINISTRATION IS LYING.
>> ABOUT WHAT?
>> ANTI-INFLATION.
THE NAME OF THE PROGRAM IS A
MISNOMER.
INJECTING CRASH INTO COMPANY
WITHOUT PRODUCTIVITY IS NOT
HELPING ANYBODY.
>> HOW HAS IT EFFECTED YOUR
BUSINESSES?
ALL OF THE RESTAURANTS YOU HAVE
AND OVERSEE.
IT MUST CUT INTO YOUR PROFIT
MARGIN?
>> THERE IS NO DOUBT.
OUR LAST PRICE INCREASE WAS
.8%.
THE REASON IS THE CONSUMER IS
BANGING HIS AND HER HEAD ON THE
CEILING.
IT’S SO MUCH PAIN THEY WILL
TAKE.
THERE WILL BE MORE PAIN AND A
LOT MORE PAIN IF YOU DON’T
BELIEVE IT.
THE GOVERNMENT AND FED HAS SAID
THEY WILL INFLICT PAIN.
>> YOU HAVE TO HAVE SOME PROFIT
MARGIN.
>> WHERE DO YOU TAKE IT FROM.
WHERE DO YOU TAKE YOUR PROFIT
FROM.
IT’S MORE LABOR COSTS.
>> YOU HAVE TO BRING IT FROM THE CONSUMER.
WHAT YOU DO IS FROM A
SHRINKING.
IT’S PART OF THE CONTRACTION OF
THE OVERALL INCOME.
YOU FIND ANOTHER SITE.
>> YOU DON’T HAVE MUCH TIME.
YOU DON’T HAVE TO GET INVOLVED
WITH POLITICS.
YOU DEAL WITH REPUBLICANS AND
DEMOCRATS.
DONALD TRUMP WAS A BUSINESSMAN.
BIDEN IS NOT.
>> NOT AT ALL.
>> DOES THAT EFFECT THE POLICIES
THAT EFFECT YOU?
>> WITHOUT A DOUBT.
BIDEN IS AN EMPTY SUIT FOR LACK
OF A BETTER EXPRESSION.
HE REALLY IS.
YOUR SPEND YOUR WHOLE LIFE AS A
POLITICIAN WHAT WOULD YOU KNOW
ABOUT INFLATION AND WAGES.
YOU CAN’T.
HE DOES IT.
THE REALITY DOESN’T.
DON’T MAKE BELIEVE GET PEOPLE TO
DO AND UNDERSTAND.
>> WHEN DONALD TRUMP WAS
PRESIDENT HE CHANGED THE
REGULATORY STATUS THAT EFFECTED
YOUR LIFE IN A POSITIVE WAY.
>> WITHOUT A DOUBT.
I DON’T LIKE THE EXPRESIDENT’S
MANNERISMS.
THERE IS NO ISSUE HE HAD THE
RIGHT POLICIES, ALL THE RIGHT
MOVES, AND ALL THE RIGHT DANCE
STEPS AND THE MUSIC WAS
PLAYING.
>> THE MUSIC WAS PLAYING.