WEBVTT - Businessweek Extra - Tom Colicchio

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<v Speaker 1>This is Bloomberg Business Week from Bloomberg Radio. Him Jason Kelly,

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<v Speaker 1>and I'm Carol Masser. Welcome to the Bloomberg Business Week Extra.

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<v Speaker 1>It's our weekly podcast bringing you an in depth interview

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<v Speaker 1>you will not hear anywhere else. And we were really

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<v Speaker 1>excited about this conversation. Tom collickio well known for owning

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<v Speaker 1>a number of terrific restaurants. He's also a judge on

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<v Speaker 1>Bravo's Top Chef. Folks have seen him on the TV.

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<v Speaker 1>But he's thinking so much about not just his restaurants,

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<v Speaker 1>but really the future of food. Right and Jason, he

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<v Speaker 1>completely closed his restaurants in New York and l a

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<v Speaker 1>shut them down, laid off his workers temporarily. He's been

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<v Speaker 1>in the business what forty years. He said it was

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<v Speaker 1>the hardest decision he has faced during those forty years,

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<v Speaker 1>just really gut wrenching. So we talked with him about

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<v Speaker 1>the shutdown and then what life is like after the virus. Yeah,

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<v Speaker 1>this has been devastating, um, and not only for me. Um.

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<v Speaker 1>I co founded the Independent Restaurant Coalition and so I

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<v Speaker 1>am in constant contact with UH many hundreds of restaurants,

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<v Speaker 1>turns and chefs, across the country pretty much a daily basis,

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<v Speaker 1>and you know, we're we're struggling out there, and you know,

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<v Speaker 1>p P KE we thought was really going to help,

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<v Speaker 1>and it doesn't UM because we're not open. I think

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<v Speaker 1>PPP and structure for for businesses and maybe are somewhat

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<v Speaker 1>depressed and they can hire their staff back, but there's

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<v Speaker 1>still a revenue moving through their system. Right now. Restaurants

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<v Speaker 1>are closed. UM. Some are starting to open up in

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<v Speaker 1>some states, but they're they're opening up into a really

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<v Speaker 1>really depressed market and so p P P UM it

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<v Speaker 1>doesn't really help us. And so we are asking for

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<v Speaker 1>a restaurant stabilization package. UM. We're uh. We we sent

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<v Speaker 1>our our letter to Congress yesterday. We're asking for a

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<v Speaker 1>hundred and twenty billion dollars to stabilize our industry. So

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<v Speaker 1>the eleven million employees that in a restaurant UM employee

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<v Speaker 1>UM have a job to come back to, and not

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<v Speaker 1>only a job to come back to when we can

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<v Speaker 1>finally get open, but we're going to be depressed for

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<v Speaker 1>until we find the vaccine. So we're talking about another

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<v Speaker 1>year almost And what we don't want to do is

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<v Speaker 1>have a situation where people start coming back to work

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<v Speaker 1>and then we're closing right, you know, two months down

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<v Speaker 1>the road and everybody's back on unemployment to get or

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<v Speaker 1>out of the job. And so Tom, I want to

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<v Speaker 1>talk about what it looks like on the other side

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<v Speaker 1>of all this. But help us understand in in the

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<v Speaker 1>short term, what are you hearing as you I know

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<v Speaker 1>you just sent the letter yesterday, but and you're talking

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<v Speaker 1>to people all the time in the government and other advocates.

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<v Speaker 1>What's the response been, What's what feedback are you getting

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<v Speaker 1>in terms of what's feasible in order to help the industry.

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<v Speaker 1>You know, I think they're hearing us. I mean, I've

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<v Speaker 1>spoken to many members of Congress over the last you know,

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<v Speaker 1>three or four weeks, and so has There's so many

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<v Speaker 1>members of our coalition, and um, they hear us, um,

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<v Speaker 1>and they're they're trying to help us to try to

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<v Speaker 1>figure out and and you know, obviously um uh they're

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<v Speaker 1>hearing from a lot of different sectors and are looking

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<v Speaker 1>for for uh uh for for help. Um. We just

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<v Speaker 1>feel that we're uniquely positioned because so many people are

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<v Speaker 1>employed by independent restaurants, and then if you factor in

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<v Speaker 1>all the farmers and fishermen and winemakers and cheesemakers and

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<v Speaker 1>other various services that we are purchasing. Keep in minds

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<v Speaker 1>and every dollar that we take into a restaurant goes

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<v Speaker 1>out the door. And so not only are you helping

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<v Speaker 1>our business stay afloat and and providing those jobs and

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<v Speaker 1>media jobs and workers, but also all the other people

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<v Speaker 1>that were indirectly employ and these are these are small farmers.

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<v Speaker 1>We're not talking about big, mega farms. We're talking about

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<v Speaker 1>small farmers. Uh. Fishermen who are you know fishing, you know,

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<v Speaker 1>dabot fishermen, small teethemakers and so um. You know, there's

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<v Speaker 1>there's a desperation here. And again it's it's not just

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<v Speaker 1>the restaurants that we're concerned that you know, uh Dijs

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<v Speaker 1>Beer Foundations did uh um. You know, I have has

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<v Speaker 1>data right now that maybe twenty percent of the restaurants

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<v Speaker 1>won't open up. I'm hearing it's gonna be bigger than that,

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<v Speaker 1>you know, We're we're hearing from from from the industry

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<v Speaker 1>that maybe the restaurants might open up. If that happens,

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<v Speaker 1>think about the supply chain that is going to actually

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<v Speaker 1>end as well. So it's not just the eleven million jobs.

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<v Speaker 1>It's it's probably jobs and a lot of people loblihoods. Well,

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<v Speaker 1>And I was gonna say, Jason, we've talked you know,

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<v Speaker 1>and Tom. We've talked to UM wineries out in the

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<v Speaker 1>West Coast. We've talked to UM some suppliers that UM

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<v Speaker 1>you know, you know, supply food and other items to

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<v Speaker 1>the industry. And you're right, the supply chain is vast.

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<v Speaker 1>So it's not just you know, the front and center

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<v Speaker 1>workers you see at restaurants. It's it's much wider than that.

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<v Speaker 1>I am curious. You do, say, Washington's listening, so what's

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<v Speaker 1>the likelihood that they do something in terms of a stimulus.

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<v Speaker 1>And you're right, it's not just now, but it's what

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<v Speaker 1>happens on the other side of this, because this is

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<v Speaker 1>not a quick bounce back in our economic recovery. No,

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<v Speaker 1>I mean something. I think we'll bounce that quicker than others.

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<v Speaker 1>I think the restaurant industry when we open up and

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<v Speaker 1>we're hearing you know that we have to cut half

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<v Speaker 1>our tables out, and then the question really isn't when

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<v Speaker 1>we're going to open up. I mean, there's this idea

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<v Speaker 1>that George is gonna open up and texts are gonna

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<v Speaker 1>open up and people are gonna go. No, it's it's

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<v Speaker 1>not when we open up, it's when do people feel

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<v Speaker 1>comfortable conjure getting a place that is busy. When you

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<v Speaker 1>walk into your restaurant, the bartenders wearing a face mask

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<v Speaker 1>and a waiter comes up to you and greet you

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<v Speaker 1>with a face mask, you are not going to be

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<v Speaker 1>comfortable eating in that restaurant. Dodger, did someone coughs when

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<v Speaker 1>they're you know, even even with social distancing, I just

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<v Speaker 1>don't see how that works out. So we're we're we're

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<v Speaker 1>in there for the long haul. Um. And when I

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<v Speaker 1>think Congress they're listening, Uh, they're they're listening. I don't

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<v Speaker 1>I don't know if there's going to be action, and

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<v Speaker 1>that's what we're hoping for. Yeah, they're hearing us. Um,

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<v Speaker 1>we have you know, representatives, you know who are making

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<v Speaker 1>sure that that our our needs are are are being heard.

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<v Speaker 1>The question is whether or not Congress will act on this.

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<v Speaker 1>And so Tom, what has this laid there or how

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<v Speaker 1>much has this laid there about the state of the

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<v Speaker 1>industry going into this In a place like New York,

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<v Speaker 1>it's a place that Carol and I all home, You know,

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<v Speaker 1>we work in Manhattan. We have been each patrons at

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<v Speaker 1>many of your restaurants over the years. You know this

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<v Speaker 1>business so well, you know the industry. What does it

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<v Speaker 1>tell us about the fragility of it? And obviously none

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<v Speaker 1>of this was foreseen, but what is it laid bare

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<v Speaker 1>in your estimation? No, I think that you know, restaurants, uh,

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<v Speaker 1>for the last you know, you know, ten years or so,

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<v Speaker 1>there's been a definitely a uh, it's been a a

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<v Speaker 1>little more difficult, especially in New York City with rerents

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<v Speaker 1>as high as they are. Labor markets are tight, and

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<v Speaker 1>you know, we're fine paying people more money. Um, but

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<v Speaker 1>it's definitely eaten into our bottom line and so we're

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<v Speaker 1>nowhere nearest resilience as as we were. UM. We we

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<v Speaker 1>we certainly are a viable business. Our margins are just

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<v Speaker 1>definitely uh smaller than they used to be. But you

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<v Speaker 1>hit on something, UM, that's you know, really I think

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<v Speaker 1>it's it's really important here. UM. Thank you for for

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<v Speaker 1>page rising. Uh. The restaurants and my restaurants, and we

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<v Speaker 1>want to be there for you when this is over,

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<v Speaker 1>because you know, we can look at the economics of it,

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<v Speaker 1>and I can make an economic argument for why restaurants

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<v Speaker 1>needs need help, and I think I've relaid that out.

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<v Speaker 1>But also when we're through this, the cultural institution, that's

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<v Speaker 1>what restaurants have become. They need to be there because

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<v Speaker 1>people are gonna want to get back to normal. And

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<v Speaker 1>what is not normal if it's not for walking into

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<v Speaker 1>your favorite bar or restaurant and seeing that bartrander that

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<v Speaker 1>you know it's going to take care of you, seeing

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<v Speaker 1>that your favorite waiter, knowing you're gonna get the dish

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<v Speaker 1>that you are craving. I mean a lot of people

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<v Speaker 1>are cooking at home now, and I think that's great,

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<v Speaker 1>but sooner or later, you're gonna get tired of your

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<v Speaker 1>own food. I know I'm tired of my food. But

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<v Speaker 1>you know you're gonna want to go to that restaurant.

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<v Speaker 1>And you're gonna want to go if the song says

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<v Speaker 1>you want to go where people know your name and

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<v Speaker 1>and and these are the places where you celebrate anniversaries

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<v Speaker 1>and birthdays and all those milestones. And I'm not only

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<v Speaker 1>talking about my restaurants White Table, Cloughts Restaurant. I'm talking

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<v Speaker 1>about the mom and problem. You know, a recent immigrant

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<v Speaker 1>who who pulled a you know, pulled all of their

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<v Speaker 1>money and came to this country, opened up their you know,

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<v Speaker 1>their American dream, and they were making it up until

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<v Speaker 1>two months ago. And that's what we need to get over.

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<v Speaker 1>We need to say that we need to save Main

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<v Speaker 1>Street right now. We need to make sure that those

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<v Speaker 1>restaurants are there, because without restaurants and without these small businesses,

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<v Speaker 1>what are we going to have? Where are we going

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<v Speaker 1>to go? Where are we going to go to full

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<v Speaker 1>normal again? Where we going to go to wrapper arms

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<v Speaker 1>around each other and say we're safe, We're okay, we

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<v Speaker 1>made it. So we need restaurants to be there for

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<v Speaker 1>the long haul. I gotta say, Tom, We've had a

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<v Speaker 1>couple of left overnights and I'm like, all right, really,

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<v Speaker 1>can we just move on already? Um? The one thing

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<v Speaker 1>I do want to ask you and Jason and I

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<v Speaker 1>have been having this conversation. We've talked with UM Daniel Blue.

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<v Speaker 1>We've talked to a couple of different folks about the industry.

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<v Speaker 1>I mean, individuals like yourself. We're what we consider the

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<v Speaker 1>people who have done really, really well, and yet it's

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<v Speaker 1>tough for you, As you said, of every dollar goes

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<v Speaker 1>out the door at a restaurant, is there something within

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<v Speaker 1>I don't know the financial infrastructure of the restaurant industry. UM.

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<v Speaker 1>And I think about those workers, the immigrant workers, whether

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<v Speaker 1>they're working in the kitchen or you know, doing dishes

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<v Speaker 1>or what have you. You know, the virus has laid

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<v Speaker 1>bare the problems that we knew that we're out there,

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<v Speaker 1>and that is a lack of safety net for a

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<v Speaker 1>lot of workers and a lot of different industries hotels, um,

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<v Speaker 1>certainly restaurants. Is there something we need to think bigger

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<v Speaker 1>picture so that God forbid we're facing similar situations in

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<v Speaker 1>the future, that these workers are better protected. Yeah, we

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<v Speaker 1>we need resiliency, you know, through the entire system obviously

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<v Speaker 1>for workers. But um, even if you think of me,

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<v Speaker 1>if you're you're hearing about all these meat processing plants

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<v Speaker 1>right now and how they're closing and estimates could be

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<v Speaker 1>up to our meat supply could be could be compromised. Um.

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<v Speaker 1>But that's because there's been so much corporate concentration and

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<v Speaker 1>you know, these these companies are just getting larger and larger,

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<v Speaker 1>eating up smaller companies. And so we need to do

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<v Speaker 1>is actually have a more resilient system and the food

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<v Speaker 1>system that is spreading it out, that is relying on

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<v Speaker 1>small regional producers. So if if one part of the

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<v Speaker 1>segment gets gets gets you know, hurt because of coronavirus,

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<v Speaker 1>are even because of of you know, a climate disaster,

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<v Speaker 1>that we're more resilient. I think we need a safety

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<v Speaker 1>that that is more resilient. But you know, here's one

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<v Speaker 1>way to look at this. So prior, prior to COVID,

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<v Speaker 1>thirty six million Americans were on snap our food stamps

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<v Speaker 1>in this country. So, uh, numbers that I've just got

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<v Speaker 1>out of Maryland recently was that there's a seventy increase

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<v Speaker 1>in applications. So if you extrapolate that out throughout the country,

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<v Speaker 1>that's another people. Okay, eventually those numbers are gonna come

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<v Speaker 1>down once the economy starts to turn. It's gonna take

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<v Speaker 1>a while. But what are what are we aspiring to

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<v Speaker 1>thirty six million Americans on food stamps? No, we can

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<v Speaker 1>do better than that. And I'm not talking about a handout.

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<v Speaker 1>I was talking about people who are working, who can

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<v Speaker 1>afford nutritious food. So you said you talk about in equity,

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<v Speaker 1>and so it's it's it's something you can just look

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<v Speaker 1>at dollars in tents, but really we're in equity plays

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<v Speaker 1>out is in health. If you do not have the

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<v Speaker 1>money in this country, calaries are cheap. Nutritions expand if

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<v Speaker 1>you don't have the money to buy nutritious foods, you

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<v Speaker 1>aren't as healthy. You have diabetes, you have issues around

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<v Speaker 1>BC and hards these and those are the people who

0:11:09.360 --> 0:11:12.000
<v Speaker 1>are dying in the hospital because of COVID and these

0:11:12.040 --> 0:11:18.880
<v Speaker 1>are in minority communities that typically are not sort of

0:11:18.920 --> 0:11:21.640
<v Speaker 1>getting a fair shake. And that's what we need to change.

0:11:21.800 --> 0:11:23.560
<v Speaker 1>So we need we need all of the country to

0:11:23.600 --> 0:11:26.080
<v Speaker 1>be more resilient. We need to bring back manufacturing so

0:11:26.160 --> 0:11:28.840
<v Speaker 1>we don't rely on other countries and we can keep

0:11:28.840 --> 0:11:31.160
<v Speaker 1>that supplying here, but we need to make even even

0:11:31.400 --> 0:11:33.960
<v Speaker 1>what we're doing here in this country much more resilient.

0:11:34.160 --> 0:11:37.160
<v Speaker 1>Not only are our business practices but are human practice.

0:11:37.200 --> 0:11:39.040
<v Speaker 1>So we need to start investing in the human capital.

0:11:39.920 --> 0:11:42.760
<v Speaker 1>And So, Tom, does that change or in any way

0:11:42.840 --> 0:11:45.640
<v Speaker 1>alter what you do on on the other side of this,

0:11:45.679 --> 0:11:48.679
<v Speaker 1>I mean, I do wonder if it starts you thinking

0:11:48.720 --> 0:11:52.880
<v Speaker 1>about new concepts or new locations or what what do

0:11:52.920 --> 0:11:55.439
<v Speaker 1>you think about on the other side, Yeah, I'm not

0:11:55.520 --> 0:11:57.560
<v Speaker 1>something we've always been thinking about, you know. We we

0:11:57.679 --> 0:12:01.960
<v Speaker 1>try to buy through small producers is as much as possible. UM.

0:12:02.120 --> 0:12:05.760
<v Speaker 1>We uh, you know our our our our pay rate

0:12:05.840 --> 0:12:10.840
<v Speaker 1>is probably above clearly above average in the country. UM. UM.

0:12:10.880 --> 0:12:13.680
<v Speaker 1>But yeah, we're thinking of what what does new business

0:12:13.720 --> 0:12:16.319
<v Speaker 1>look like? You know, It's what everybody's trying to wrestling

0:12:16.320 --> 0:12:18.160
<v Speaker 1>with right now. What what does it look like on

0:12:18.200 --> 0:12:19.560
<v Speaker 1>the other on the other end, I mean, I'm this

0:12:19.640 --> 0:12:22.520
<v Speaker 1>is the conversations I'm having to to with my senior

0:12:22.520 --> 0:12:25.559
<v Speaker 1>staff right now, UM, because I think going forward if

0:12:25.600 --> 0:12:27.199
<v Speaker 1>we open up, when we open up, it's going to

0:12:27.240 --> 0:12:30.120
<v Speaker 1>have to be a combination of takeout c s A boxes,

0:12:30.200 --> 0:12:32.480
<v Speaker 1>which you know, think about this. I have my supply

0:12:32.559 --> 0:12:36.120
<v Speaker 1>chain and it's mostly small farmers and small fishermen, cheesemakers,

0:12:36.120 --> 0:12:39.960
<v Speaker 1>and so if I can actually still buy from them

0:12:40.000 --> 0:12:43.640
<v Speaker 1>and then turn my restaurant into a distribution center, so

0:12:43.679 --> 0:12:47.400
<v Speaker 1>I'm kind of processing food. That's another avenue of business

0:12:47.480 --> 0:12:50.239
<v Speaker 1>to get through, you know, to the other end, UM,

0:12:50.520 --> 0:12:52.480
<v Speaker 1>returning a part part of what we do into the

0:12:52.520 --> 0:12:55.520
<v Speaker 1>community Feeding center UM again to put more food through

0:12:55.559 --> 0:12:58.719
<v Speaker 1>the system. UM. And then also trying to figure out

0:12:58.760 --> 0:13:01.760
<v Speaker 1>the best way to to to UM take care of

0:13:01.800 --> 0:13:05.120
<v Speaker 1>our staff and take care of patents coming in UM

0:13:05.160 --> 0:13:07.640
<v Speaker 1>to keep them safe and healthy. And so yeah, there's

0:13:07.760 --> 0:13:10.520
<v Speaker 1>there's uh, there's a lot of changes that they're going

0:13:10.600 --> 0:13:12.400
<v Speaker 1>to have to be made, but I and I think

0:13:12.400 --> 0:13:15.360
<v Speaker 1>that they're all going to be looked at through the

0:13:15.559 --> 0:13:17.960
<v Speaker 1>length of how do we make all of these systems

0:13:18.440 --> 0:13:21.240
<v Speaker 1>much more reslient to write not only something like COVID,

0:13:21.280 --> 0:13:24.840
<v Speaker 1>but also UM climate change. You know, so many people

0:13:24.840 --> 0:13:27.640
<v Speaker 1>are are are one climate adapter ways for losing their job.

0:13:27.800 --> 0:13:30.360
<v Speaker 1>And that was chef Tom Collichio Carrol, a conversation we

0:13:30.360 --> 0:13:32.920
<v Speaker 1>were really looking forward to, and a reminder that you know,

0:13:33.000 --> 0:13:35.400
<v Speaker 1>chef's restaurant owners. They're right in the center of this

0:13:35.480 --> 0:13:40.880
<v Speaker 1>from so many perspectives, obviously as entrepreneurs, as owners, as employers,

0:13:40.960 --> 0:13:44.079
<v Speaker 1>and really for those of us who are just diners,

0:13:44.200 --> 0:13:46.560
<v Speaker 1>you know, they provide such a key service, such an

0:13:46.559 --> 0:13:49.480
<v Speaker 1>important part of life. So someone we definitely want to

0:13:49.520 --> 0:13:51.400
<v Speaker 1>keep in touch with. Well, absolutely, And like you know,

0:13:51.440 --> 0:13:54.199
<v Speaker 1>we've been talking since we've been in shutdown mode about

0:13:54.200 --> 0:13:57.840
<v Speaker 1>the fifteen million restaurant jobs around the country, so many

0:13:57.920 --> 0:14:00.600
<v Speaker 1>though in the major cities including New York Park and

0:14:00.679 --> 0:14:03.400
<v Speaker 1>so when we talk about getting the economy back on track,

0:14:03.760 --> 0:14:06.200
<v Speaker 1>taking care of workers, I mean This is an important

0:14:06.240 --> 0:14:09.480
<v Speaker 1>sector that cannot be forgotten, and this industry is really

0:14:09.520 --> 0:14:11.559
<v Speaker 1>asking for more help from the federal government. So I'm

0:14:11.600 --> 0:14:14.000
<v Speaker 1>so glad we got some time with Tom to weigh

0:14:14.040 --> 0:14:16.400
<v Speaker 1>in on that. You've been listening to Bloomberg Business Week

0:14:16.480 --> 0:14:19.040
<v Speaker 1>Extra and be sure to tune into Bloomberg Business Week

0:14:19.080 --> 0:14:22.160
<v Speaker 1>Radio Live Monday through Friday, starting at two pm Wall

0:14:22.160 --> 0:14:25.240
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0:14:25.280 --> 0:14:27.440
<v Speaker 1>Carol Masser, and this is Bloomberg