Gone in 2020: Businesses also victims of pandemic
Published:
Tags:
More than 100,000 stores and restaurants went out of business in 2020. (Matthew Horwood/GettyImages)
JACKSONVILLE, Fla. – From your neighborhood watering hole to major retailers, well over 100,000 businesses have closed in the past 10 months as COVID-19 swept across America. According to data scientists at Yelp, 60% of those might never reopen.
“Business closures have continued to rise, with a 34% increase in permanent closures since our last report in mid-July,” Justin Norman, a Yelp vice president told CNBC.
A University of Southern California study found the pandemic could result in a $3.2 trillion to $4.8 trillion loss in U.S. real gross domestic product between 2020 and 2021.