The casual-dining restaurant group just announced the closure of RockSugar Southeast Asian Kitchen, an Asian fusion restaurant in Los Angeles owned and operated by the restaurant group.” “also operates a smaller number of additional restaurant concepts, several of which have shuttered locations this year. 30 Yahoo Life story that said The Cheesecake Factory Inc. The scare for fans of The Cheesecake Factory appeared to come from an Oct. That restaurant is owned by The Cheesecake Factory Inc. The trending search and notification referenced the fact that RockSugar Southeast Asian Kitchen was being closed. However, The Cheesecake Factory is not closing down all of its restaurants. Not Cheesecake Factory closing for good ☹️ The Cheesecake Factory is closing all of their restaurants for good. Wow they are closing the cheesecake factory down for good.Ĭan’t believe the cheesecake factory closing ? They have had basically no support or stimulus from these stingy bastards because they don’t care. Every business that has had to close down can contribute it to Trump and the GOP. Just read that the “Cheesecake Factory” is closing permanently. I thought 2020 was bad but now they’re closing all of the cheesecake factory’s and that really put the icing on the cake. 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.Twitter users appeared to believe The Cheesecake Factory restaurant locations were closing: With 38,000 employees, the Cheesecake Factory is one of the largest restaurant employers in the country. 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. 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. 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. Most of the company’s landlords are malls, including Simon and Westfield. In 2019, the company also acquired Phoenix-based Fox Restaurants, including North Italia, Flower Child, and The Henry.
#CHEESECAKE FACTORY LOCATIONS PLUS#
In total, it operates 294 restaurants in 39 states, plus the District of Columbia, Puerto Rico, and Toronto, Canada. The Cheesecake Factory was founded in Beverly Hills in 1972 and maintains its original location on Beverly Drive, with 39 locations in California. We are certain that with their partnership, we will be able to work together to weather this storm in the appropriate manner. We have very strong, longstanding relationships with our landlords. 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. In these unprecedented times, there are many factors that are changing on a daily basis given governmental regulations and landlord decisions to close properties. When asked for comment regarding the non-payment of rent on April 1, Cheesecake Factory representatives said the following: Cheesecake Factory’s affiliated restaurants, such as Rock Sugar and North Italia, will also not make April 1 rent payments.Ĭompany 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. 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. 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.