The Cheesecake Factory won’t be able to pay its April rent at its nearly 300 locations, highlighting how deeply the coronavirus pandemic is affecting the restaurant industry.
Regulations instituted across several states forced restaurants to close as a way to help stop the spread of the virus. The closures have resulted in a significant revenue decrease for the company.
In a letter addressed to the company’s landlords, CEO David Overton wrote that the “severe decrease in restaurant traffic has severely decreased our cash flow and inflicted a tremendous financial blow to our business.”
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Amazing...all these years really really not prepared and this has what it's come down too.
ReplyDeleteCan't Monday morning quarterback any of this.
And everybody else too
ReplyDeletePresident Trump’s karma moment is here the media is in bad shape and needs a bailout,what goes around comes around.
ReplyDeletePay in Cheescake !!! LOL
ReplyDeleteThey should have budgeted better. One medical crisis and they can't pay their bills? Bad planning!
ReplyDeleteOh, wait, that's what everyone says when a worker has a problem. Corporations get bailed out.
Wait... $9.00 for a slice of cream cheese on crackers all these years. What have they done with that money?
ReplyDeleteThey reinvested it in the company. not many businesses have a pile of money stashed away for a rainy day. If you ever owned a business you would know that .
ReplyDeleteThats why your Insurance Company has coverage for lose of income.
ReplyDeleteMaybe when they renew their Insurance Policy they will take that option.
I feel bad for them and everyone involved, including the rest of the US.
But we all have to deal with this.
Call Cuomo !!!
ReplyDeleteEat more cheesecake.
ReplyDeleteDon't have to Pay the rent !!! NO Evictions Allowed !!
ReplyDelete