The Cheesecake Factory 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.
Cheesecake Factory’s affiliated restaurants, such as Rock Sugar and North Italia, will also not make April 1 rent payments.
The company's chairman and CEO David Overton released a statment. Overton said that the company had to close several restaurants and is relying on delivery/carryout orders. He said that the decrease in customers has caused a serious financial blow to the business. Overton also asked for their landlords patience and understanding. He said that they hope to be able to make their payments as soon as they can.