(Gray News) - As restaurants across the country are losing business because of the coronavirus outbreak, a CEO of a popular chain has decided to stop taking a salary for the remainder of 2020.
Texas Roadhouse founder and CEO Kent Taylor has agreed to forego his salary from March 18 until January 2021, according to a recent Securities and Exchange Commission filing.
The filing states the additional funds will be made available to assist front-line hourly restaurant employees.
Many of the chain's dining rooms are closed, but Texas Roadhouse remains open for business with its to-go and curbside services.
“The bottom line is these are challenging times, and we are all in this together,” Taylor said in a letter to guests on the company’s website. “We will continue to do our best to adapt to your needs and help support every community we serve in a safe way.”
Texas Roadhouse has borrowed money from creditors in order to help financially position itself as restaurants expect to lose revenue.
The National Restaurant Association has estimated more than 3 million jobs have been lost through the first 22 days of March as a result of the coronavirus outbreak.