NEW YORK RESTAURANTS OFFER BONDS

As concern among New York City restaurants grows about the financial toll the novel coronavirus is taking, some are trying to offset their losses with a new initiative: selling "dining bonds."

The program, created by local hospitality publicists and consultants Steven Hall and Helen Patrikis, is designed so that restaurants can offer gift certificates—"bonds"—at a reduced price for redemption at full value on a later date.

The idea is to provide another stream of revenue at a time when restaurants have been forced by the state to limit their business to takeout and delivery orders for the foreseeable future. Some establishments have opted to close altogether during the pandemic.

"Even if this little bit of money helps a restaurant keep one staff member paid, then it's worth it," said Mr. Hall.

Under the bonds program, each restaurant can set its own terms, said Mr. Hall and Ms. Patrikis. In a possible scenario, a restaurant would sell a $100 certificate for $75, but the certificate couldn't be redeemed for at least 30 days.

The program is being promoted through a newly launched website, supportrestaurants.org. Customers must contact the individual restaurants, to purchase the certificates, since different establishments have different platforms or methods for selling them.

To read the complete article (subscription required), see:
New York Restaurants Hope ‘Bond Offering' Will Save Businesses (https://www.wsj.com/articles/new-york-restaurants-hope-bond-offering-will-save-businesses-11584476525)

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