It’s no secret that signing a lease on a restaurant space is a big commitment. With no way of knowing future circumstances, operators take the plunge and vow to pay various costs, regardless of events to come.
This year, the unthinkable happened, and it affected rents for restaurants ranging from nationwide chains to independent one-offs. In late March, The Cheesecake Factory made waves with its decision to withhold April rent payments as its dining rooms shuttered. Across the U.S., other concepts of all sizes also began considering their options as sales plummeted. . . . more