![]() Put simply, the “restaurant renaissance,” Dine Brands CEO John Peyton referenced recently is in full swing at experiential-forward Cheesecake Factory. Just one Cheesecake Factory location ran an off-premise-only model. On average, Cheesecake Factory restaurants with reopened dining rooms operated at 70 percent indoor capacity and 75 percent total on-premise capacity including patios. READ MORE: Cheesecake Factory Sales Soar 220 Percent as Recovery IgnitesĪdditionally, as of June 2, nearly all of Cheesecake Factory’s restaurants across its multi-brand portfolio were open for indoor dining, including 206 Cheesecake Factory locations. And off-premises is mixing roughly a third of sales. Pulled back to the same period in fiscal 2019-a more reasonable view-same-store sales are up 7 percent. Cheesecake Factory’s fiscal 2021 Q2 quarter-to-date comp sales through May 31 lifted about 196 percent, year-over-year. The transaction enhanced Cheesecake Factory’s liquidity and gave it air to navigate near-term challenges (nobody knew at the time how long those would last).īut realities have surely changed. Why Cheesecake Factory engaged Roark-the firm behind Inspire Brands and FOCUS-was becoming commonplace during that pandemic trough. CEO David Overton took a 20-percent pay cut and board members did the same. It furloughed some 41,000 workers and grabbed headlines when it said it wouldn’t pay rent in April. ![]() Cheesecake Factory also expanded its board to nine members to include Roark president Paul Ginsberg, who joined as an independent member.Īt the time, the polished-casual leader came off a March month where same-store sales dropped 46 percent, year-over-year. The brand sold 200,000 shares of convertible stock to Roark Capital affiliate RC Cake Holdings as part of the agreement, and Roark, as a preferred shareholder, held priority over common shareholders concerning payouts. The Cheesecake Factory’s $200 million investment deal with Roark Capital in April 2020 was a sign of strange and frantic times.
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