Tags: Coronavirus | Financial Markets | Money | cheesecake factory | rent | bailouts | pandemic

Cheesecake Factory Unable to Pay April 1 Rent Across US

patrons walk outside of a cheesecake factory
(Gilbert Keuten/Dreamstime)

By    |   Wednesday, 25 March 2020 11:05 PM

Major chain restaurant Cheesecake Factory on Wednesday told landlords across the country it would not be able to pay rent on April 1 due to a significant loss of income due to the coronavirus outbreak, reports Eater.

"Due to these extraordinary events, I am asking for your patience, and frankly, your help," Company chairman and CEO David Overton wrote in a letter sent out March 18.

"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," he added.

"We appreciate our landlords' understanding given the exigency of the current situation."

Millions of Americans have been asked to shelter at home as confirmed cases of the virus continue to surge – as of Wednesday more than 471,000 people worldwide had been infected by the virus and over 22,283 have died, according to a tally by Johns Hopkins University.

In the U.S., more than 200 deaths from COVID-19 were reported Wednesday, a new high for fatalities recorded in a single day.

The dramatic spike brought the number of novel coronavirus deaths since the outbreak reached the U.S. in late January to at least 1,033.

More than 68,203 people have tested positive for the virus in the U.S.

The Cheesecake Factory has 294 locations around the country and 38,000 employees. Since the outbreak, the chain has closed 27 locations in America and pivoted to take out and delivery-only in other locations.

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Major chain restaurant Cheesecake Factory on Wednesday told landlords across the country it would not be able to pay rent on April 1 due to a significant loss of income due to the coronavirus outbreak, reports Eater.
cheesecake factory, rent, bailouts, pandemic, restaurant, layoffs
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2020-05-25
Wednesday, 25 March 2020 11:05 PM
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