The Cheesecake Factory | Wikimedia Commons/Anthony92931
The Cheesecake Factory | Wikimedia Commons/Anthony92931
The Cheesecake Factory administration recently sent a letter to its landowners saying it won’t be paying rent in the month of April.
The owners say it is due to the significant losses the company has suffered because of the coronavirus crisis.
David Overton, who is the company's CEO, expressed in the letter how the company has taken a financial blow. He included detailed losses that the company suffered due to the shutdowns all over the country.
“The severe decrease in restaurant traffic has severely decreased our cash flow and inflicted a tremendous financial blow to our business,” Overton wrote. “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 is without question one of the nation’s largest restaurant chains. The Cheesecake Factory is the parent company of some of Phoenix’s most popular eateries.
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