“The severe decrease in restaurant visitors has severely diminished our dollars movement and inflicted a large economical blow to our company,” CEO David Overton wrote to landlords in a letter obtained by the Eater site.
Dining establishments and restaurant employees have struggled with closures and takeout/delivery-only types in quite a few parts impacted by the outbreaks. Yum! Brands, which owns chains such as KFC, Pizza Hut and Taco Bell, said it is closing some 7,000 restaurants thanks to the pandemic. Waffle Household, well-known for possessing a logistics community that keeps its places running in the course of disasters, explained it was closing much more than 400 of its 2,000 locations.
Cheesecake Factory stated this exact same weather would make it unattainable for the corporation to shell out lease.
“Due to these extraordinary events, I am asking for your tolerance and, frankly, your aid,” Overton wrote, introducing that he hoped to start out earning lease payments “as quickly as fairly probable.”
CFO Matthew Clark told Folks magazine that the enterprise hopes to lean on its “strong, longstanding relationships” with landlords.
“We are selected that with their partnership, we will be capable to function together to weather conditions this storm in the ideal way,” Clark reported.
According to Statista, Cheesecake Factory operates shut to 300 locations in the United States and Canada and employs some 45,000 personnel.
Some on Twitter hailed the cafe chain for unexpectedly championing a bring about favored by several who are having difficulties to make ends meet following getting rid of work because of to the pandemic:
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