Distributor also helps restaurants transition to higher-volume off-premises business
Performance Food Group (PFG) announced it had signed 10 new agreements with food retailers year-to-date. Also, the nation’s second-largest broadline food distributor by revenue said due to labor shortages, it is sharing associates with grocers to help meet increased demand during the COVID-19 crisis. Increased capacity has led to 480 new grocery locations to which PFG has begun distributing.
New PFG partnerships are also helping restaurants transition to an all-takeout and delivery model. OpenMenu, Swipely and activations with third-party delivery providers are examples of this shift to support online ordering.
Richmond, Va.-based PFG is also helping restaurants succeed with helpful tools for operators in the independent channel. The foodservice distributor is assisting restaurants to communicate and advertise which of their locations are open. In addition, it is helping them succeed with their transition to higher-volume takeout and delivery operations.
PFG also drew another $400M from its $30B credit facility to boost its balance sheet while stopping all non-essential capital expenditures. It also suspended share repurchases.
“PFG’s decentralized operating model allows quick decisions at the local level, which will continue to serve us well,” said George Holm, PFG chairman, president and chief executive. “We will remain nimble to protect our current business and continue to look for new opportunities to grow.”
Photo credit: Performance Food Group
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