Lean Times Are Hard to Swallow by ProQuest

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THE ECONOMIC DOWNTURN is taking a bite out of the New Jersey restaurant industry, with experts predicting declining sales and bankruptcy filings at the beginning of next year. Mom-and-pop restaurants and small chains will be hit hardest in the downturn, since they have less control over their supply chain and pay higher average food prices than larger establishments, which tend to have more bargaining power, said Robert Angelone, chief economist at The Epicurus Institute, a Wall-based economics research organization.

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$2.00                                                    DECEM BER 1, 2008                                     www.njbiz.com              A L L       B U S I N E S S           ◆   ALL NEW JERSEY

THIS WEEK
Networking to
Form Partnerships
                                                                                                                           Lean Times Are
Many pharmaceutical and
biotech companies are
sending senior executives
to make presentations to
                                                                  Third of a three-week series
                                                                                                                           Hard to Swallow
                                                                                                                           Restaurants cooking up strategies to cope with downturn
potential investors who
may have cash left to help
                                   Still Lending to Those




                                                                                                                                                                                                                          Steven J. Dundas
them grow.


                                   Who Have Solid Credit
Page 5

Wyeth Case May Set
Regulatory Precedent               Community banks offer insight into how to get a loan
A case before the U.S.
Supreme Court involving                               By Beth Fitzgerald             Series Overview
the Madison-based
                                                                                     Nov. 17: In wake of collapse,
pharmaceutical company                                                               banks should expect increased
                                   WITH STRONG BALANCE sheets
and a Vermont woman who                                                              federal scrutiny.
                                   and money to lend as their call-                  Last week: Startups decline, but
lost her arm could have
                                                  ing cards, commu-                  merging among large banks may
widespread repercussions.           BANKING nity bankers are                         spur de novo growth.
Page 5                                                                               Today: Community banks say
                                   shaking hands with customers
                                                                                     they still have enough
F E AT U R E S                     they’ve never met before: rep-                    money to lend.
                                   utable businesses that suddenly                   For complete coverage, visit
12 Sales Moves                                                                       www.njbiz.com/bankscape
                                   can’t get credit.
14 Our Point of View                    “This is a great time to be in
14 Board of Contributors           the banking business,” said Mark                than 150 community banks in
14 NJBIZ Interview                 Wolters, president of Grand                     New Jersey, avoided the subprime
15 Letters to the Editor           Bank in Hamilton.                               lending disaster that’s now driving
27 NJBIZ Scene                          That’s because hundreds of                 many banks to clamp down on
                                   America’s smaller banks, includ-                lending to preserve capital.
FOR THE RECORD                     ing the vast majority of the more                 ➤➤ See   LENDING on page 9
24 Who’s News
25 Calendar
26 Bankruptcies
26 M&As
                                   New Jersey: Home of                                                                      Marc Cooperman, owner of
                                                                                                                            Restaurant MC in Short Hills,
                                                                                                                            with the Bailout Burger &
26 Real Estate Transactions
26 Insider Trading                 The Executive Branch                                                                     Beer he hopes will bring in
                                                                                                                            more customers.

                                                                                                                                                                    By Evelyn Lee
 Name that Swoon                   Garden State’s appeal lures top management
 Sharply falling home values,      here; other operations are housed out-of-state
 fading consumer confidence,                                                                                               THE ECONOMIC DOWNTURN is taking a bite out of the New Jersey restaurant industry, with
 rising unemployment — the                                                                                                 experts predicting declining sales and bankruptcy filings at the beginning of next year. But
                                                                           By Shankar P.
 current fiscal crisis has given                                                                                                               some of the state’s restaurants are taking various measures — such as
 us everything but a name.                                                                                                  RESTAURANTS putting dining promotions and extra marketing on the menu — to stave
 History gave us Black
 Monday and the Great              THINK OF THE MASKS and gloves your dentist wears — or the towels,                       off the impact of the slowdown on their businesses.
 Depression — what should          wipes and dressings at any clinic — and you ha
								
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