février 8, 2023


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Eddie Rockets’ future is in jeopardy as managers announce heavy losses

They fry without wings …

Eddie Rockets managers are concerned about the future of the franchise after reports of heavy losses last year.

The company warned shareholders in a report that the losses could be enough to wind down the company after 32 years in business since 1989.

The Covid pandemic has been cited as a reason for the deficit this year, with losses of more than three million euros reported last year.

In comparison, a loss of about six hundred thousand euros was recorded from the previous year.

The pandemic has had a major impact on Eddie Rockets’ workers, too, with more than a third of employees laid off in the past year.

Regarding the future, managers are concerned about the future fallout from the pandemic, including a global recession.

« Even after restrictions are lifted, there is a risk of a recession in Ireland and possibly globally, which could lead to lower customer demand, leading to a period of oversupply in the restaurant market, » she said in a report.

« It is understood that customers may also become more conservative about mingling in a social setting and reduce the time they spend in public places such as restaurants, bars and hotels. »

The company is certain it will be able to fully reopen once restrictions are lifted, but there are still concerns about what may follow.

The company received several grants from the government last year to support staff and maintenance costs, but it is looking for support from owners and creditors going forward.

He added, « However, despite the foregoing, the members of the Board of Directors believe that the above circumstances still represent a material doubt that may cast doubt on the Company’s ability to continue as a going concern. »

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Eddie Rockets currently has 50 restaurants across the country.