The Cheesecake Factory won’t be paying next month’s rent for its nearly 300 restaurants across the country due to losses from the coronavirus outbreak, which has prompted multiple states to order nonessential businesses to close and sent millions of Americans on to the unemployment rolls. The company is among the major restaurant chains that are looking for rent deferrals on properties where business has slowed dramatically or ground to a halt amid efforts to slow the spread of COVID-19.  David Overton, the chain’s founder and CEO, asked for “patience” and “help” in a letter last week to the company’s landlords, according to a copy obtained by Eater and confirmed by Cheesecake Factory.”There are many factors that are changing on a daily basis given governmental regulations and landlord decisions to close properties,” Matthew Clark, the company’s CFO, told CBS MoneyWatch in an emailed statement.  “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,” Clark continued. “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.” Similar


Continue To Full Article