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March 27, 2020, 6:37 a.m. EDT

Cheesecake Factory has furloughed 41,000 hourly restaurant workers

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By Tomi Kilgore

Cheesecake Factory Inc. /zigman2/quotes/207909209/composite CAKE -0.59% disclosed Friday that it has furloughed about 41,000 hourly employees, citing the COVID-19-related curtailment of dine-in restaurant operations and landlord closures of certain properties. The restaurant chain operator said the furloughed employees will be provided a daily complimentary meal, and retain eligibility of benefits and insurance until June 1. Cheesecake Factory had 46,250 employees at the end of 2019, according to its annual report. The company said its chief executive and other named executives have volunteered to have base salaries cut by 20% starting April 1, and the board of directors have elected to take a 20% cut in annual retainer fees. The company also confirmed that it was not planning to pay rent on leases for April. The stock, which was still inactive in premarket trading, has tumbled 48.8% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.20% has lost 18.8%.

/zigman2/quotes/207909209/composite
US : U.S.: Nasdaq
$ 27.00
-0.16 -0.59%
Volume: 1.02M
Aug. 13, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$1.23 billion
Rev. per Employee
$60,267
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/zigman2/quotes/210599714/realtime
US : S&P US
3,373.43
-6.92 -0.20%
Volume: 1.96B
Aug. 13, 2020 5:10p
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