A study undertaken by hospitality association AHRESP shows that more than half the country’s bars and discotheques are considering applying for insolvency.
In the same boat are 43% of the country’s restaurants and a large portion of the ‘tourist accommodation’ sector.
July was ‘so bad’ in terms of business that even an August with ‘a little more movement’ and a few more people can’t hope to make up the damage.
Says AHRESP, 62% of bars and night-spots are thinking of closing for good. More than 16% haven’t been able to pay staff salaries, 14% report that they have managed to pay partial salaries while 30% say even this will be impossible before the end of the year.
Falls in revenue for tourist accommodation outlets have been in the region of 90%, says AHRESP, which has dubbed the situation as “truly alarming”.
Restaurants have suffered a drop in business of anything from 50% to 80%.
Bars and discotheques have been particularly hit by the fact that only last week they were given the green-light to reopen… as long as they rebranded themselves as ‘cafés’ or ‘coffee shops’.
As many have since explained, this simply makes no sense at all (click here).
