Cheesecake Factory Will Not Pay Rent On April 1

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Cheesecake Factory Will Not Pay Rent On April 1

Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes

The Cheesecake Factory has announced they will not make April's rent payments to its landlords.  Not a good sign for both the restaurant sector, and for the commercial real estate sector.



https://la.eater.com/2020/3/25/21194144/cheesecake-factory-rent-strike-chain-restaurant

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  • James De Stefano
    Real Estate Agent · Houston, TX · Member since 2017 · 290 posts · 233 votes
    6y

    Crazy... I feel like we're gonna enter the Wild West here -  Too many changes, too quickly for this economy to keep up. 

    0Reply
  • Marlen Weber
    Specialist · Plano, TX · Member since 2020 · 2k+ posts · 861 votes
    6y

    @Russell Brazil super interesting article. Thanks for sharing. 

    0Reply
  • Kenneth GarrettPro Member
    Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
    6y

    @Russell Brazil

    This is definitely a telling sign of what is coming next.  The onslaught of big restaurant/bars and the retail market will be taking a big hit.  They are not just looking at today, but the next quarter and the next quarter and the time it will take to recover.  I'm not sure how many stimulus packages can be rolled out to cover the economy of the country.  We started with 2 trillion. Is the next one 7-10 Trillion.  We all know who will be paying for this in the future.      

    0Reply
  • Bryan Devitt
    Contractor · Oxford, MA · Member since 2018 · 807 posts · 745 votes
    6y

    @Kenneth Garrett don't forget to include the back door stimulus (fed reserve money printing and purchasing stocks, bonds, etc.) With that added in we will be at a minimum of 10T when this is all done

    0Reply
  • Brian R.
    Bayport, MN · Member since 2018 · 92 posts · 52 votes
    6y

    I just read a local article from a local commercial property owner about this.  He said a letter he received from the chief financial officer of Caribou Coffee that said they would only pay rent on 5% of 60% of February sales, a letter from CorePower Yoga, they aren't going to pay rent, and someone in the comment section of the article said they received notice from Subway they weren't paying either. 

    The yoga studio is currently forced to close, however the other places are still open for takeout and drive-up service.

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  • John Clark
    Member since 2018 · 1k+ posts · 1k+ votes
    6y
    "
    The Cheesecake Factory has announced they will not make April's rent payments to its landlords. Not a good sign for both the restaurant sector, and for the commercial real estate sector."
    -------------------------------
    According to @Heather Frusco that makes Cheesecake Factory a thief (shoplifter to be precise).



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