Jose Cil, CEO of Restaurant Brands International, speaks during an interview with CNBC on the floor at the New York Stock Exchange, November 6, 2019.
Brendan McDermid | Reuters
Restaurant Brands International is sending cash to franchisees and deferring rents as part of an effort to support its operators.
The coronavirus pandemic has put pressure on the restaurant industry as states close dining rooms and more U.S. consumers eat at home. Transactions at fast-food restaurants plummeted by 34% in the week ended March 22 compared with a year ago, according to the NPD Group.
In North America, the Burger King parent is sending about $70 million in cash advances and rebates to franchisees.
“These initiatives have allowed us to unlock thousands of dollars of immediate liquidity per eligible restaurant,” CEO Jose Cil wrote in an open letter on Monday.
Restaurant Brands acts as the landlord for roughly 3,700 Tim Hortons and Burger King locations in Canada and the United States. The company…