With about 20% of U.S. child-care facilities still closed, large providers are buying up closed daycare centers and signing contracts with employers to provide nannies and daycare for their workers
are buying up closed centers, reaching out to parents who lost care during the pandemic and signing contracts with employers to provide nannies and daycare for their workers.
Many small players lacked the capital required to cover payroll and facility costs to stay afloat during Covid-19 shutdowns. Operating a daycare facility is more costly now than before the pandemic because many providers have had to reduce capacity to make room for more social distancing. Learning Care has grown largely by acquiring daycare centers, many of which were hobbled by the pandemic. “We are able to leverage an infrastructure that’s already in place to get working-family solutions,” he said.
Large child-care companies are telling investors that they will use their scale and access to capital to weather the pandemic’s impact. Small companies are reeling, many kept afloat by increases in federal child-care funding during the pandemic. Around $50 billion in federal Covid-19 relief funding has gone toward child care since last spring, with the White House pushing for universal funding for prekindergarten and other child-care programs, as well as tax credits for businesses that build on-site child-care facilities.
But a slower-than-expected return to in-person work has dented demand for worksite-based programs, another Bright Horizons mainstay.
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