The success of FloydFest this past weekend spilled over to Floyd businesses as coffee shops, restaurants, galleries and stores reported a spike in traffic over the weekend.
The record crowd of more than 12,000 that attended the four-day festival also helped fill restaurants throughout the weekend and retail shops in Floyd say business was up sharply during the event.
FloydFest countered a trend nationwide that has brought sharp downturns in attendance at other festivals, arts & crafts shows and fairs.
Across the country, managers of company-owned Bennigans restaurants answered midnight phone calls only to be told to shutter their establishments immediately with no notice to employees. The parent company filed for Chapter 7 bankruptcy, a final step which means liquidation.
Bennigans joins a number of chains throwing in the towel in these hard economic times: Linens ‘n Things and Sharper Image to name two. Starbucks is closing 600 coffee shops nationwise, the Mervyns Department Store chain filed for Chapter 11 bankruptcy protection and tony retailer Ann Taylor will close hundreds of stores.
Analysts expect more closures as the year continues.