Cheesecake Factory releases post-coronavirus reopening update
Restaurant chain is aiming to reopen its restaurants as COVID-19 shutdown eases
The Cheesecake Factory has reopened about 25 percent of its restaurants under COVID-19 limited capacity procedures that are in line with local mandates, the company said Tuesday.
WHO FOUNDED THE CHEESECAKE FACTORY?
The upscale casual dining chain began reopening dining rooms in the second week of May, and so far 34 Cheesecake Factory restaurants have opened its doors to the public. The reopened restaurants have “recaptured” approximately 75 percent of last year’s sales on average, The Cheesecake Factory said in the press release.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAKE | CHEESECAKE FACTORY INC. | 34.00 | +0.19 | +0.56% |
CORONAVIRUS PREVENTS CHEESECAKE FACTORY FROM MAKING RENT
The Cheesecake Factory restaurant in Las Vegas. (iStock)
Around 65 percent of Cheesecake Factory dining rooms that were closed due to the coronavirus will be reopened under the same limited-capacity protocol by mid-June, which includes an anticipated 124 restaurants at the time of publication.
FOX Business reached out to a spokesperson for The Cheesecake Factory and received confirmation that these reopening procedures do not apply to the company’s sister brand Grand Lux Cafe. However, an updated message to guests does say the Grand Lux Cafe in Las Vegas is preparing for a June 4 reopening with reconfigured seating and social distancing markers.
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Cheesecake Factory restaurants that are continuing off-premise operations are likely to make nearly $4 million per unit on average per annualized basis, according to the company.
As of May 31, Cheesecake Factory restaurants’ comparable sales were down approximately 63 percent for the second quarter, which was in part due to the full or partial closures of 87 restaurants nationwide after protests unsettled the country and several businesses.
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