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265 Restaurants Have Closed In The Past 2 Months In Lebanon
The Syndicate of Owners of Restaurants, Cafés, Night-Clubs, and Pastry Shops in Lebanon issued an alarming statement earlier today revealing that 265 restaurants, cafes, pubs, and other establishments in that sector have closed down in the past two months due to the trying economic situation.
The board of directors also anticipated that another 200 would join their ranks, bringing the number to a whopping 465 closures in just 3-months.
In a previous statement issued prior to the start of the October 17 revolution, the Syndicate had warned that the increase in taxes coupled with the social, economical, and environmental conditions were rapidly deteriorating and affecting purchasing power. This concern fell on deaf ears.
The statement added that owners typically await the upcoming festive season to increase their profit margins, but so far the situation seems to be getting worse, encouraging the political ruling class to “be responsible” and form a government that would improve living conditions and the economic situation for all.
Considering the fact that Lebanon is almost purely a service sector centric economy, this is troubling to say the very least.
You can read the original text here:
The board of directors also anticipated that another 200 would join their ranks, bringing the number to a whopping 465 closures in just 3-months.
In a previous statement issued prior to the start of the October 17 revolution, the Syndicate had warned that the increase in taxes coupled with the social, economical, and environmental conditions were rapidly deteriorating and affecting purchasing power. This concern fell on deaf ears.
The statement added that owners typically await the upcoming festive season to increase their profit margins, but so far the situation seems to be getting worse, encouraging the political ruling class to “be responsible” and form a government that would improve living conditions and the economic situation for all.
Considering the fact that Lebanon is almost purely a service sector centric economy, this is troubling to say the very least.
You can read the original text here:
