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The Cheesecake Factory nixes rent dues as COVID-19 erases sales

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One of America’s most popular restaurants, The Cheesecake Factory, reportedly cannot afford April’s rent at any of its nearly 300 locations due to the financial strain imposed by the coronavirus pandemic.
The Cheesecake Factory’s founder and CEO, David Overton, notified the company’s landlords of their inability to pay in a March 18 letter obtained by Eater.
Overton said the company’s revenue took a hit as some restaurants were forced to close in accordance with government restrictions that have been imposed across the country to prevent the spread of the virus.
Restaurants that have remained open are only able to provide delivery and takeout services, he said.
“The severe decrease in restaurant traffic has severely decreased our cash flow and inflicted a tremendous financial blow to our business,” Overton wrote.
He added: “Unfortunately, I must let you know that The Cheesecake Factory and its affiliated restaurant concepts will not make any of their rent payments for the month of April 2020.”
The Cheesecake Factory operates 294 restaurants. It has locations in 39 states, the District of Columbia, Puerto Rico and Canada, according to Eater.
The company in 2019 acquired Fox Restaurants Concepts.
Overton, in the letter, said the company hopes to resume rent payments “as soon as reasonably possible.”
A company spokesperson told Eater, “We have very strong, longstanding relationships with our landlords. We are certain that with their partnership, we will be able to work together to weather this storm in the appropriate manner.”
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