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2023-11: Warosu is now out of extended maintenance.

/ck/ - Food & Cooking

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File: 105 KB, 569x398, MW-FV059_cheese_20170926114454_MG.jpg [View same] [iqdb] [saucenao] [google]
13831710 No.13831710 [Reply] [Original]

The Cheesecake Factory, one of the most popular sit-down restaurant chains in the country, says it will not be able to make upcoming rent payments for any of its storefronts on April 1 because of significant loss of income due to the coronavirus crisis.

The Calabasas Hills-based company informed all of its landlords in a letter dated March 18 (reproduced below) that a severe decline in restaurant traffic has decreased its cash flow and “inflicted a tremendous financial blow” to business. Cheesecake Factory’s affiliated restaurants, such as Rock Sugar and North Italia, will also not make April 1 rent payments.

Company chairman and CEO David Overton writes, “Due to these extraordinary events, I am asking for your patience, and frankly, your help.” He continues, “we appreciate our landlords’ understanding given the exigency of the current situation.” The letter says that the company hopes to resume paying rent as soon as possible.

When asked for comment regarding the non-payment of rent on April 1, Cheesecake Factory representatives said the following:

In these unprecedented times, there are many factors that are changing on a daily basis given governmental regulations and landlord decisions to close properties. We have to take both into consideration in terms of understanding the nature of our rent obligations and with respect to managing our financial position. 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.

https://la.eater.com/2020/3/25/21194144/cheesecake-factory-rent-strike-chain-restaurant

>> No.13831712

The Cheesecake Factory was founded in Beverly Hills in 1972 and maintains its original location on Beverly Drive, with 39 locations in California. In total, it operates 294 restaurants in 39 states, plus the District of Columbia, Puerto Rico, and Toronto, Canada. In 2019, the company also acquired Phoenix-based Fox Restaurants, including North Italia, Flower Child, and The Henry. Most of the company’s landlords are malls, including Simon and Westfield.

In telling landlords that it will not able to pay rent, the Cheesecake Factory essentially confirms that it is in the same position that many independent restaurateurs currently find themselves in. In a statement to investors on March 23 — five days after the letter to landlords — the Cheesecake Factory announced that it would curtail development of unopened restaurants and tap into a $90 million credit line to increase its available cash. Since the outbreak of the coronavirus, the Cheesecake Factory has closed 27 locations across the country, and pivoted other locations to a takeout and delivery-only model — which it said just days ago was enabling the company to “operate sustainably at present” — and its stock price has fallen by more than 50 percent in the past month.

With 38,000 employees, the Cheesecake Factory is one of the largest restaurant employers in the country. Given its recent stock woes and the ongoing reduction in business due to the coronavirus pandemic, it seems possible that it, like many restaurants, could end up needing a bailout to survive.

>> No.13831734

>>13831710
>won't be able to pay rent
No, they're simply electing not to in order to save money because they know the taxpayer will be the one who has to pick up their slack.

>> No.13831791

>>13831710
>April 1st

Cmon guy

>> No.13831797

Losing 1 week of business is the same as losing 20 weeks of profit

>> No.13831805
File: 175 KB, 800x978, 1585110971271.jpg [View same] [iqdb] [saucenao] [google]
13831805

>>13831710
I stumbled upon what can only be described as a forest porno shrine. Deep in the woods, a grotesque stone monolith plastered in countless layers of unspeakable Japanese pornography. Its at least 5 metres tall. It looks like its been tended to for decades. I'm going to have to go back....

I'm in no mood for cheesecake.

>> No.13831810

>>13831805
this photo gets me so hard knowing the story behind it

>> No.13831845

>>13831805
>>13831810
What does this have to do with The Cheesecake Factory unable to pay their rent?

>> No.13831909

>>13831805
post pics of porn monolith

>> No.13831954

>>13831710
>corona puts diabeetus chain food and fast food places out of business
Is Corona-chan the hero we need but don't deserve?

>> No.13833210
File: 355 KB, 900x603, C5643685-43B7-45C3-9FE5-5A919806D697.jpg [View same] [iqdb] [saucenao] [google]
13833210

>> No.13833217

Yeh seriously, I’m still new fag what’s up with the retarded monolith porn?

>> No.13833231

>>13831805
This >>13831909
I want to see this shrine for Slaanesh.

>> No.13833246
File: 125 KB, 500x341, 1E231C40-315E-47AD-8082-7CBB2113BDA8.png [View same] [iqdb] [saucenao] [google]
13833246

>>13833210
Yeh, I want my money guy.

>> No.13833315
File: 13 KB, 451x425, fypm.png [View same] [iqdb] [saucenao] [google]
13833315

>>13831710

>> No.13833345

>>13831710
Do you think they will have the Macy’s Day Parade this year?

>> No.13833426

>>13833345
That's not until November so there's time.

>> No.13833439

>>13831710

AHAHHAHAHAHAHAH BASED BASED BASED BASED BASED

KILL THIS SOY JOY FAKE RESTAUNRANTTY

>> No.13833453

>>13831810
Post it.

>> No.13833461

Landlords are parasites

>> No.13833477

>>13833426
The Olympics are cancelled until 2021, so it's also most likely cancelled

>> No.13833547

>>13833453
It's rebecca walters, a victim of the truckstop killer.