Vinny Milburn of Greenpoint Fish and Lobster discusses the challenges of late payments in the restaurant industry. Traditionally, restaurants operate on credit and manage payments over extended terms. However, increasing delays have sparked serious concerns, particularly with the Delicious Hospitality Group, who have fallen behind on payments due to financial struggles. Milburn reveals he has taken legal action to recover over $33,000 owed to him, highlighting a broader trend of financial instability in the food service sector post-pandemic.
"I joke that I am not a seafood provider - I'm a source of capital who offers a zero percent interest loan."
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