The Cheesecake Factory’s Letter To Landlords Explains Struggle To Pay Rent

Chicago News Uncategorized

CHICAGO (CBS)– Rent is due in less than a week and since dining in is no longer an option, some restaurants will struggle to pay.

The Cheesecake Factory is among those business, and the restaurant chain sent a letter to its landlords on March 18 saying they will not be paying rent for their nearly 300 locations. The letter said the virus has inflicted a “financial blow.”

If a major chain can’t stay afloat, what about those smaller restaurants.

CBS 2 spoke with a commercial real estate expert about how this may set a precident

“This situation is definitely a ripple effect,” senior broker at Compass, Amy Duong Kim, said. “Everybody is in new territory.  I don’t think anyone expected it to impact our economy as fast as it has already.

The Cheesecake Factory’s chief financial officer told CBS 2 the company has a strong relationship with its landlords and is certain they’ll work something out.

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