The Cheesecake Factory has alerted its landlords across the country that the restaurant will be unable to make rent for the month of April due to a lack of business amid the ongoing novel coronavirus (COVID-19) pandemic.
In a statement to PEOPLE on Wednesday, The Cheesecake Factory Chief Financial Officer Matthew Clark said: “In these unprecedented times, there are many factors that are changing on a daily basis given governmental regulations and landlord decisions to close properties. 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.”
“We have very strong, longstanding relationships with our landlords. We are certain that with their partnership, we will be able to work together to weather this storm in the appropriate manner.”
The restaurant chain’s founder and CEO, David Overton, sent a letter to landlords last week asking for “patience” and “help,” according to a copy of the letter obtained by Eater.
“Unfortunately, I must let you know that The Cheesecake Factory and its affiliated restaurant concepts will not make any of their rent payments for the month of April 2020,” Overton wrote in the letter, which was dated March …read more