The newest coronavirus disaster has claimed its final sufferer: lease funds from the extraordinarily lengthy menu supplier The Cheesecake Manufacturing unit.
The restaurant chain revealed in a letter to its homeowners final week that the "unprecedented and quickly altering" pandemic scenario has pressured the closure of shops and "severely diminished our money movement and inflicted an enormous monetary blow for our firm. Consequently, the corporate "won’t make any lease funds for the month of April 2020," the letter added.
The corporate operates 294 eating places in the US and Canada below the banner of The Cheesecake Manufacturing unit.
The letter, which is signed by CEO and founder David Overton, requested the homeowners "on your endurance and, frankly, your assist."
The Cheesecake Manufacturing unit didn’t instantly reply to Inman's request for remark, however the meals publication Eater acquired the letter. The letter additionally says that affiliated eating places – which embody manufacturers equivalent to North Italia and Flower Baby – will even not pay lease in April.
The announcement that the corporate will be unable to pay lease comes after eating places in the US have been pressured to shut or convert to take-out operations resulting from social distancing guidelines. The objective behind the foundations is to gradual the unfold of the virus, though they’ve additionally put many individuals working within the meals business out of labor.
Earlier this week, famend investor Tom Barrack warned of a industrial actual property disaster as a result of companies are unable to pay their lease. And this disaster has gone hand in hand with the worry that residential leases are on the brink as a result of hundreds of thousands of tenants will be unable to make their very own funds.
Given the widespread financial anguish, it’s due to this fact maybe not shocking that a multitude of individuals warmly welcomed The Cheesecake Manufacturing unit to the proletariat revolution on Wednesday.
Communist icon Cheesecake Manufacturing unit https://t.co/S6BEGpH5Cp
– Cewell (@cediwell) March 25, 2020
the armies of the revolution can be fed with flatbread pizzas and truffle and raspberry cheesecakes https://t.co/483v8aHhXa
– Michael joined Hyperlink earlier than he was cool (@crotchmaster) March 25, 2020
Some individuals expressed shock that the restaurant chain had apparently joined the ranks of Individuals combating lease.
Who requested Cheesecake Manufacturing unit to burn down the constructing and begin a revolution on their bingo card for this post-apocalyptic mess we’re taking a look at? https://t.co/LdwHtIYquZ
– Jinath Hyder (@JinathHyder) March 25, 2020
Others have linked the chain to singer Britney Spears' current (obvious) calls to redistribute wealth.
Cheesecake Manufacturing unit clearly follows Britney Spears on Instagram. https://t.co/iGNkzeNZBV
– Melissa Jordan (@ mjjordan7) March 25, 2020
Many others have seen The Cheesecake Manufacturing unit's actions for instance for their very own lives.
Reinstatement as a cheesecake manufacturing unit on April 1. https://t.co/Iy7Kq97K1n
– Alice in muddy woods 🌿 🐿 🪓 (@AliceFromQueens) March 25, 2020
And others have famous that with The Cheesecake Manufacturing unit on their aspect, the approaching revolution would at the very least style good.
The revolution will certainly be sprinkled with caramel and it will likely be scrumptious … https://t.co/8NTej9mBlt
– LSAClassOf2000 (@ LorneEC3) March 25, 2020
Whereas many individuals made jokes in regards to the scenario, there was additionally a critical undercurrent, with some observers additionally noting that if a big firm fights the pandemic, abnormal Individuals have little hope of s & # 39; Come out higher.
If they will't lower your expenses, how is the typical individual alleged to do it? https://t.co/I7v19GdvnL
– lizard portal operator (@ rood5150) March 26, 2020
if Cheescake is like shit, what else is there to do? https://t.co/diSL42Fd89
– foolish bartender (@waitermadness) March 26, 2020
Sensational!!! It should be good to have the nerve to inform your landlord. Let me name my mortgage firm to see if I can do with out it 🤔 https://t.co/N4p1mzEyhR
– John Verdejo 🇵🇷 (@JohnVerdejo) March 26, 2020
Based on its web site, the corporate operates 294 eating places in the US and Canada below the banner of The Cheesecake Manufacturing unit. The corporate was based as a bakery in 1972 and is now based mostly in Calabasas, California.
E mail Jim Dalrymple II