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/
Director, Investor Relations
TravelCenters of America
Manager, Corporate Communications
TravelCenters of America