TravelCenters of America Announces Business Updates Related to COVID-19 Pandemic
April 17 2020 - 8:00AM
Business Wire
TravelCenters of America Inc. (Nasdaq: TA) today provided
business updates related to the COVID-19 pandemic.
Currently, all TA, Petro Stopping Centers and TA Express travel
centers remain open, providing essential services to drivers across
the nation with fuel, showers, restrooms, quick-serve restaurants
and convenience stores. Employees continue to take precautionary
measures consistent with the recommendations of the Centers for
Disease Control and Prevention to minimize the spread of
coronavirus, including social distancing and enhanced cleaning
protocols.
However, COVID-19 has caused many state and local governments to
close or severely limit non-essential services, including
full-service restaurants. In addition, broader stay-at-home orders
and an overall decrease in consumer demand has significantly and
adversely affected TA’s full-service restaurant business.
Primarily as a result of its full-service restaurant closures,
TA has made the difficult decision to furlough approximately 2,900
field employees, as well as approximately 122 corporate employees.
All furloughed employees currently enrolled in TA’s benefits
programs will continue to be eligible for health care coverage
based on their plan. Impacted employees are eligible to apply for
enhanced unemployment benefits under the CARES Act.
“This decision was very difficult, but these are unprecedented
times. We believe this step is necessary to preserve the long-term
success of our company and to ensure our essential services remain
available for the millions of professional drivers who rely on us
daily,” said Jon Pertchik, CEO of TA.
About TravelCenters of
America
TravelCenters of America Inc. (Nasdaq: TA) is the nation's
largest publicly traded full-service travel center network. Founded
in 1972 and headquartered in Westlake, Ohio, its more than 21,000
employees serve customers in over 260 locations in 44 states and
Canada, principally under the TA®, Petro Stopping Centers® and TA
Express® brands. Offerings include diesel and gasoline fuel, truck
maintenance and repair, full-service and quick-service restaurants,
car and truck parking and other services and amenities dedicated to
providing great experiences for professional drivers and the
general motoring public. TravelCenters of America operates nearly
650 full-service and quick-service restaurants and 10 proprietary
brands, including Quaker Steak and Lube®, Iron Skillet® and Country
Pride®. For more information, visit www.ta-petro.com.
Warning Concerning Forward-Looking
Statements
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other securities laws.
Also, whenever TA uses words such as “believe”, “expect”,
“anticipate”, “intend”, “plan”, “estimate”, "will", “may” and
negatives or derivatives of these or similar expressions, TA is
making forward-looking statements. These forward-looking statements
are based upon TA’s present intent, beliefs or expectations, but
forward-looking statements are not guaranteed to occur and may not
occur. Actual results may differ materially from those contained in
or implied by TA’s forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors, some of which are beyond TA’s control. For example, TA
states that it is providing essential services, which may imply
that it will continue to be designated as an essential service by
applicable government authorities. However, TA could lose that
designation, which could result in TA having to close or reduce
operations at certain or all of its travel centers for an
indefinite period.
The information contained in TA’s filings with the Securities
and Exchange Commission, or SEC, including under “Risk Factors” in
TA’s periodic reports, or incorporated therein, identifies other
important factors that could cause TA’s actual results to differ
materially from those stated in or implied by TA’s forward-looking
statements. TA’s filings with the SEC are available on the SEC’s
website at www.sec.gov.
You should not place undue reliance upon forward-looking
statements.
Except as required by law, TA does not intend to update or
change any forward-looking statements as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200417005246/en/
Investor: Kristin Brown
Director, Investor Relations TravelCenters of America 617-796-8251
kbrown@ta-petro.com Media: Tina
Arundel Manager, Corporate Communications TravelCenters of America
216-389-3028 tarundel@ta-petro.com
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