A decrease in popularity, under-performance, and bankruptcy has many once-prominent food chains turning off their burners and closing up shop. So, instead of walking away empty-handed, many owners are selling their companies, hoping to walk away with some money to show for their efforts.
From hundreds of Pizza Huts permanently closing to Buffalo Wild Wings being purchased by Arby’s in hopes to stay afloat, 2020 and 2021 are going to see a lot of hometown favorites closing some, if not all of their doors.
2020 Was Not A Good Year For The Cheesecake Factory
The year 2020 wasn’t great for a lot of business, including The Cheesecake Factory. In March, the CEO of the restaurant chain, David Overton, wrote a letter to his landlord, explaining that they wouldn’t be able to pay rent at any of their 211 locations for the month of April.
That same month, 27 locations closed their doors permanently due to significant financial losses. It seems as though people don’t want to pay for overpriced cheesecake anymore.