Several local and chain businesses in Western North Carolina have announced permanent closures in recent weeks as the economy continues to struggle with the impact of the pandemic.<\/p>\n
In its recent coverage, WLOS News 13 reached out to Center For the Study of Free Enterprise Director Edward Lopez for insight into what these closures mean, now and in the long term.<\/p>\n
\u201cI think what we\u2019re seeing is just this rebalancing of the economy as we recover from the pandemic,\u201d Western Carolina University economics professor Edward Lopez said.<\/p>\n
\u201cI think your older restaurant brands are scaling back because they just don\u2019t have that sustainable long tail of demand to see them through these major hits they\u2019re taking,\u201d he said.<\/p>\n
WLOS noted that patrons of several restaurants slated to close expressed their dismay over the announcements in various online forums.<\/p>\n
Lopez, however, noted that this situation differs from the Great Recession because the effects are mostly seen in businesses already on rocky financial ground.<\/p>\n
\u201cThis round is different because it\u2019s the economically-vulnerable that are getting hit. Last round, it was the over-leveraged that were getting hit,\u201d Lopez said.<\/p>\n
Read the full coverage here:<\/p>\n