NEW YORK–(Business Wire)–
Fast-casual restaurants and large chains are positioned for growth and
investment, while traditional casual restaurants and smaller chains face a more
challenging financial picture, according to Bob Bielinski, Managing Director,
Corporate Finance – Restaurant Industry Practice for CIT Group Inc. (NYSE: CIT),
a leading provider of financing to small businesses and middle market companies.
This is just one of the insights Bielinski offers in “U.S. Restaurant Industry
Update,”the latest in a series of in-depth executive Q&As featured in CIT`s
“Executive Spotlight” series (http://executive-spotlight.cit.com).
Bielinski explains the restaurant industry`s important role in the U.S. economy,
saying, “On any given day, more than 130 million people are served by the
foodservice industry in America. Restaurant industry jobs are critical entry
level positions and provided a first job for more than 25% of adults in America.
According to the National Restaurant Association, the industry employs
approximately 12.7 million people or 9% of the U.S. workforce.”
He goes on to identify which restaurant concepts are finding it easiest to
obtain capital, noting, “Fast-casual brands have not had a problem raising
capital, as long as the type of capital (debt or equity) is appropriate for the
company`s stage of development. I think that consumers are looking for higher
quality product and more convenience in their lives; thus the rise of
fast-casual concepts. There are many chains in the fast-casual space that have
tremendous growth potential and several larger ones with enough stores to
provide assurance to lenders of getting repaid.”
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About CIT
Founded in 1908 and headquartered in New York City, CIT (NYSE: CIT) is a bank
holding company with approximately $45 billion in finance and leasing assets
that provides financial products and advisory services to small and middle
market businesses. Operating in more than 50 countries across 30 industries, CIT
provides an unparalleled combination of relationship, intellectual, and
financial capital to its customers worldwide. CIT maintains leadership positions
in small business and middle market lending, factoring, retail finance,
aerospace, equipment and rail leasing, and vendor finance. www.cit.com
CIT MEDIA RELATIONS:
C. Curtis Ritter, 212-461-7711
Vice President
Director of External Communications & Media Relations
Curt.Ritter@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
Ken.Brause@cit.com
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