Retail Landlords Brace for Missed Rent Payments

Last week the Cheesecake Factory told its landlords that it would not be making its rent payments in April, following a major decline in income due to the coronavirus. “Please understand that we do not take this action or make this decision lightly, and while we hope to resume our rent payments as soon as reasonably possible, we simply cannot predict the extent or the duration of the current crisis,” CEO David Overton wrote in a letter to the landlords.

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