RE:RE:RE:California closes all indoor dining and barsThank you for your comment. I am not sure that I agree (especially given the maximum 10% drop in trailing pre-COVID TTM EBITDA MTY has to meet by this winter to not violate its debt covenants).
The ON re-opening is certainly a positive. However, it is certainly not the end of all of the pain. In fact, the new restrictions highlight a lot of long-term challenges which many restaurants and franchisees will not be able to overcome without additional government assistance and might go bankrupt by late fall (the time of year with weakest revenue).
For e.g. see this inteview from today regarding the ON re-opening:
https://www.bnnbloomberg.ca/video/more-painful-to-have-a-false-start-than-to-hold-off-on-reopening-oliver-bonacini-ceo~1994484
some relevant highlights:
0:30 the largest ON metropolitan areas remain closed (not just GTA)
2:35 mandatory 2m distancing will result only in 25-35% of previous max restaurant dining capacity
4:31 revenue even in the Q4 for most restaurants will not be even at 50% if the restrictions will continue
[5:25 closing of US-Canada eliminates the largest group of tourists who spend money in restaurants in summer]