Today is a sad day for Midtown. Although we are doing the responsible thing by closing temporarily, this act will cause great pain to our associates, friends and family. This is not a decision I wished to make. We were ordered to close, and I do so with deep feelings of angst. Hopefully this will be a short closure and we will return to normal. Unfortunately, I think it is unrealistic to think it will only last two weeks. I hope and pray that I am wrong, but in the interest of protecting the future of the company, I have decided that we must plan to be closed for a longer period of time. It is my responsibility to have a solid business to come back to when this pandemic is over.
My heart is broken, and I am acutely aware of the pain this will cause to many. I wish we could do more, but frankly speaking, Midtown doesn’t have the money to do it.
We have all worked very hard to build a great company with a great and secure future. I have taken great pride in our long history of success and our ability to re-invent ourselves. This has come as a shock to our system. Although we have what most bankers would say is a very healthy balance sheet with a strong cash position, no business can survive for an undetermined period with no revenue.
As owners, we have never in our 50-year history taken a distribution out of the business. Instead, we have reinvested everything into Midtown. We have not built this business with the idea of shutting it down. The drastic measures we have taken today are an effort to ensure the future is a place where thousands of associates can work for many years to come.
I am deeply sorry that it has come to this.