43% of Retailers and Restaurateurs Indicate Lining up More Bank Financing is a Top Priority During the COVID-19 Pandemic, According to a Cambridge Retail Advisors’ Study
Boston, MA – September 15, 2020 – The COVID-19 pandemic has forced many retailers and restaurateurs to restructure debt, negotiate leases and, in some unfortunate cases, file for bankruptcy. Many companies don’t have the time or expertise to navigate all the options available to improve their financial condition. Cambridge Retail Advisors’ (CRA) Chief Financial Officer-as-a-Service (CFOaaS) includes a team of experienced financial executives ready to help retail and restaurant companies assess their financial situation and recommend strategies to bolster company balance sheet and financial positions to ensure financial viability in the short and long-term.
“As retailers and restaurateurs face unprecedented financial challenges, it is imperative that they understand the best options and develop strategies to maximize their financial viability,” said Ken Morris, managing partner at Cambridge Retail Advisors. “With store closings and bankruptcy news capturing the headlines every week, CRA has established its CFOaaS program to provide retailers and restaurateurs experienced financial experts to help them optimize their financial decisions.”
According to CRA’s COVID-19 Impact Study, retail and restaurant organizations’ top financial priorities include lining up more bank financing, applying for government loans or grants and paying rent.
CRA’s CFOaaS offering includes:
- Interim or Fractional CFOs
CRA has a team of experienced CFOs that can quickly step in and assume the CFO role during executive transitions or serve as an assistant to current CFOs to help address the unique financial challenges resulting from the pandemic.
- Navigating Government Programs
Understanding the available government assistance programs and navigating all of the forms, rules and requirements can be a daunting task. The CRA team has deep knowledge of these programs and experience helping retail and restaurant companies maximize the financial support available.
- Negotiating Leases
As many retail and restaurant companies suffered from little to no revenues while physical stores were closed, it has been hard to afford or justify paying ongoing lease obligations. Mall owners realize that partial rent payments are better than no rent payments and many are open to renegotiating lease agreements. CRA has experience negotiating with landlords and can help retailer and restaurant organizations strike the best lease terms.
- Evaluating Bankruptcy or Financial Restructuring Options
The pandemic has taken its toll on most financial balance sheets and restructuring debt or considering bankruptcy options are a reality for many retail and restaurant companies. CRA’s team of experienced CFOs can help companies understand their options and make smart decisions that are in the best interest of its owners and/or stockholders.
To learn more about CRA’s CFOaaS program, contact email@example.com or call 617-880-9355.
About Cambridge Retail Advisors
Cambridge Retail Advisors (CRA) is an innovative and independent retail store and restaurant consulting firm dedicated to providing superior service and enduring value to our clients. CRA combines its consultants’ deep retail and restaurant business knowledge and cross-functional capabilities to deliver and implement client specific strategy, technology, and process solutions. The firm’s unique combination of industry focus, knowledge-based approach, and rapid, end-to-end solution deployment helps clients achieve their maximum business potential. CRA’s consulting services include:
Strategy Business Intelligence Business Process Optimization
Point of Sale (POS) Mobile POS Store Systems and Operations
Payment Security CRM Customer Experience & Engagement
Order Management E-Commerce Merchandise Management
Unified Commerce Supply Chain Micro-fulfillment
CFOaaS Private Equity
For more information, visit: http://www.cambridgeretailadvisors.com
Cambridge Retail Advisors Press Contact:
Marty Whitmore, (508) 328-3323, firstname.lastname@example.org