Cheesecake Factory has actually apparently made a decision to not pay rent for April at any one of the chain’s places as a result of company shed to the coronavirus pandemic.
“The severe decrease in restaurant traffic has severely decreased our cash flow and inflicted a tremendous financial blow to our business,” Chief Executive Officer David Overton contacted proprietors in a letter gotten by the Eater site.
Restaurants and also dining establishment employees have actually fought with closures and also takeout/delivery-only versions in several locations affected by the episodes. Yum! Brands, which possesses chains such as KFC, Pizza Hut and also Taco Bell, stated it is shutting some 7,000 dining establishments because of the pandemic. Waffle House, popular for having a logistics network that maintains its places running throughout calamities, stated it was shutting greater than 400 of its 2,000 places.
Cheesecake Factory stated this very same environment would certainly make it difficult for the business to pay rent.
“Due to these extraordinary events, I am asking for your patience and, frankly, your help,” Overton created, including that he intended to start making rent settlements “as soon as reasonably possible.”
CFO Matthew Clark informed People publication that the business wishes to lean on its “strong, longstanding relationships” with proprietors.
“We are certain that with their partnership, we will be able to work together to weather this storm in the appropriate manner,” Clark stated.
According to Statista, Cheesecake Factory runs near to 300 places in the United States and also Canada and also uses some 45,000 employees.
Some on Twitter hailed the dining establishment chain for suddenly promoting a reason preferred by several that are battling to make ends fulfill after shedding job because of the pandemic:
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