The popular restaurant chain Cheesecake Factory has announced today that they cannot pay the April rent for it’s nearly 300 restaurants due to the financial hit the company has taken during the current crisis.
In a letter from the company Chairman and CEO David Overton, he told landlords that due to a “severe decease in restaurant traffic” and a “tremendous financial blow”, many locations have been forced to close, while others are limited to delivery or take out only.
Cheesecake Factory employs over 38,000 people across its nearly 300 locations and is one of the largest restaurant employers in the United States.
Since the onset of the current crisis, Cheesecake Factory has been forced to close 27 locations as well as halting the development of unopened restaurants.
On a more positive note, for those Cheesecake Factory locations offering delivery or take out, they are offering free slices of cheesecake with select orders for a limited time.