61.5 F
Fort Worth
Friday, September 25, 2020
- Advertisements -
Business Cheesecake Factory tells landlords it will not pay April rent

Cheesecake Factory tells landlords it will not pay April rent

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

The Cheesecake Factory Inc. (NASDAQ: CAKE) has sent a letter notifying landlords that its restaurants will not pay rent for the month of April due to the business falling off due to the COVID-19 pandemic.

Several news outlets are reporting the news with many citing Eater.com for first reporting the information.

Earlier this week, Cheesecake Factory said the company drew an additional $90 million on its revolving credit facility to increase its cash position. The company has also curtailed its planned unit growth for the year and is evaluating additional measures to further preserve financial flexibility, according to a news release from the Calabasas, California-based company.

That news release also said all of the Company’s restaurants have transitioned to an off-premise operating model as required by state and local officials.

The company has 294 restaurants in the United States and Canada under the brands of The Cheesecake Factory and North Italia; and a collection of Fox Restaurant Concepts, as well as 26 The Cheesecake Factory restaurants operated under licensing agreements internationally.

The company has three locations in Tarrant County in Sundance Square, The Parks Mall in Arlington and in Southlake Town Square. There are additional locations in Dallas and Frisco.

- Advertisements -
- Advertisements -

Latest News

The Turney Group is now with ULTERRE-Christie’s International Real Estate

Walker Turney has announced formation of The Turney Group – the newest real estate group within ULTERRE, the...

East Texas official arrested for alleged mail-in voter fraud involving 2018 Democratic primary for local seat

By Emma Platoff, The Texas Tribune Sept. 24, 2020 "East Texas official arrested for...

As part of revived federal death penalty, Christopher Vialva executed for Texas double murder

By Jolie McCullough, The Texas Tribune Sept. 24, 2020 "As part of revived federal...

Houston sampling wastewater to track spread of COVID-19By JUAN A. LOZANO Associated PressHOUSTON (AP) — Results from a program that's testing Houston's...

Longtime Fort Worth brokerage joins Berkshire Hathaway HomeServices

Longtime Fort Worth independent brokerage, Alexander Chandler Realty, will join Berkshire Hathaway HomeServices, part of the HSF Affiliates LLC family of real...