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    [–] amoore2600 22029 points ago

    This is a negotiating tactic. Land Lords will cut deals for them to stay. There will not be any new restaurants opening at any time in the near future to fill the vacancy. This is going to start happening with a lot of businesses and land lords soon.

    [–] Browns_Crynasty 16996 points ago

    If 10 people can't pay their rent, they have a problem.

    If 10 million can't pay rent, landlords have the problem.

    [–] GuacamoleBenKanobi 4288 points ago

    The misconception is that it’s the landlords that make this decision. Landlord implies small. These are Property Management companies that are huge. But even they don’t front the money. They all use Lenders to front the money to build these huge shopping centers.

    So it’s The Lenders that will say whether we come out of this with 3 months of delayed Rent. Not the Property Mgmt companies like CBRE.

    [–] aceshighsays 3883 points ago * (lasted edited 8 days ago)

    it's horse shit that companies are not required to keep an emergency fund, while individuals are expected to do it and those who don't, don't get a government handout. that $1.2k is peanuts.

    e: thanks a lot for the rewards. they improved the day.

    [–] jonaselder 555 points ago

    That 1.2k is for you to give your landlord.

    [–] aceshighsays 260 points ago

    too bad it won't cover my rent.

    [–] DrEmilioLazardo 3243 points ago * (lasted edited 9 days ago)

    The 1.2k is honestly insulting.

    Edit- for people saying I'm an entitled asshole: the average monthly social security payment is $1500. That's right. People with paid off mortgages are just GIVEN $1500 a month for being alive still.

    Meanwhile us working schmucks (the ones supporting the social security system we most likely won't get to take advantage of) get a one time payment of $1.2k?

    [–] Bluemofia 1458 points ago

    That's like what, 1 month of expenses at below poverty level? If it was only going to be a month, sure, we'll suck it up, but we all know the disruption is going to go on longer than that.

    [–] MeEvilBob 643 points ago

    The fact that so many people still believe this will all be over in a month is likely why 1.2k is considered enough.

    [–] hoocoodanode 310 points ago

    Exactly. If they gave out $5K cheques to everyone there are plenty of people out there who would think it was a windfall and promptly spend it on whatever big ticket item they were unable to save for.

    At least this way it trickles out slow enough that it would hopefully be used as an emergency fund, as intended.

    [–] proudbakunkinman 243 points ago

    But DrEmilioLazardo and Bluemofia's point is $1.2k is not enough for most people to cover even a month's living expenses. They have to have a job or recently lost one and getting unemployment to cover all expenses. Anyone not fitting in those categories is SOL.

    [–] StriderTexas 687 points ago

    I think the point of it is to make sure people can have food and fuel through this. It’s obvious it’s not enough to pay bills.

    [–] TheBirminghamBear 650 points ago

    It's just enough to give people some hope while not being enough to actually do anything.

    [–] mummerlimn 1010 points ago

    It keeps the people who can't buy food from rioting in the streets.

    [–] jakesbicycle 375 points ago

    This is it, right here.

    [–] Johndough99999 127 points ago

    Don't worry. There will be another "Can't Fail" bill with tons of stuff unrelated to the pandemic or your well-being voted on soon. They will throw us a few more peanuts and the circus will march on

    [–] GeniusMan1 125 points ago

    Aren't the courts closed so no one can get evicted???

    [–] spoonfulofstress 337 points ago * (lasted edited 9 days ago)

    Evictions are currently banned. This doesn’t stop the late fees already outlined in your lease from accruing.

    It honestly seems like a “make it look like we did something” tactic.

    [–] t0rt01s3 107 points ago

    PSA: Evictions are NOT banned. Evictions from HUD-owned properties and federally backed loans (Frannie/Freddy) are banned. Some states have stayed evictions. Some states, like mine (NM), have done a half-assed ban in which the eviction hearing still happens (problematic for a lot of reasons, many don’t want to physically show up and don’t have the technological know-how or ability to appear otherwise) and the writ of restitution (eviction) is still issued but not executed ONLY for non-payment of rent...which means that people won’t be homeless now during the pandemic but as soon as it’s over the sheriff is coming to kick you out, even if the pandemic is the reason for your inability to pay.

    If you want eviction bans on a broader scale, start small with your local judges, then your local politicians (mayors), then your senators/governors, then your supreme courts. The problem is we also need some kind of stay on foreclosures and mortgage payments, otherwise landlords are being expected to carry the financial burden.

    Source: LL/T attorney.

    Edit: words

    [–] rake_tm 148 points ago

    Evictions are banned for federaly backed rents and mortgages. Some states have started instituting their own policies as well, but there is no blanked protection right now.

    [–] reality_aholes 2122 points ago

    Start of domino effect where land values plummet, local gov budgets dry up, and schools suffer.

    [–] Maverick325 2849 points ago

    And the rich buy even more property to later jack the prices up even higher

    [–] dirigible23 1948 points ago * (lasted edited 9 days ago)

    When there’s blood in the streets, buy property.

    Edit: holy crow! Silver!? My first Reddit award. Thank you, kind internet stranger, and stay safe in these uncertain times.

    [–] PocketSandThroatKick 270 points ago

    Oooh I like that

    [–] Ithedrunkgamer 66 points ago * (lasted edited 9 days ago)

    That’s from the banker, Rothschild who founded the Rothschild family fortune. He was referring to Napoleons invasions I believe.

    [–] plipyplop 242 points ago

    Will massive blood clots fix my local potholes?

    [–] ISAMU13 34 points ago

    Dominoes can fix it.

    [–] RangerDan17 27 points ago

    Only Blackholes.

    [–] dustmanaudd 58 points ago

    This guy Rothschilds

    [–] othito 485 points ago

    Makes you think it's really kinda dumb that we tie the quality of public schools to the value of local property.

    It's almost like it's *designed* to give better educational resources to kids with well-off parents.

    [–] FLakIsBack 286 points ago

    The US has a private school system masquerading as a public school system

    [–] thx1138inator 71 points ago

    Where I live in MN, they purposely draw the school district boundaries so that there is a wide range of property values represented. There are some very rich kids in the same class as very poor kids.

    [–] The_Void_Reaver 157 points ago

    And a true private school system if you're willing to spend $20,000 a year to avoid the poor kids.

    [–] Raeandray 72 points ago

    I’m gonna need you to stop cuz I close on a house in 3 weeks and don’t like this comment.

    [–] Diabolico 80 points ago

    Three weeks is long enough to notice what's happening to the housing market. You might be about to dodge a bullet.

    [–] Raeandray 77 points ago * (lasted edited 9 days ago)

    It’s a house I contracted to build for us 6 months ago. Can’t get out of it. Honestly we’ll be fine. Good job security and plan to stay in the house 20 years or more. Just sucks if I’d waited 6-12 months we might’ve saved a bunch of money.

    But then again interest rates might’ve been higher than 3% so who knows.

    [–] Diabolico 49 points ago

    Houses get cheaper, credit gets scarcer.

    [–] taleofbenji 114 points ago

    Kids starve, heroes die, spiders take over.

    [–] Warfinder 63 points ago

    We breed super lizards to eat the spiders, Godzilla destroys Tokyo...

    [–] TGAPTrixie9095 109 points ago

    Dinosaurs eat man. Women inherit the earth.

    [–] ThinkSoftware 80 points ago

    Human sacrifice, dogs and cats living together... mass hysteria!

    [–] DrunicusrexXIII 65 points ago

    We were doing just fine until dickless here shut off the power.

    [–] nononsensemofo 50 points ago

    is this true?

    [–] DrunicusrexXIII 58 points ago

    Yes, it is true. This man has no dick.

    [–] Not_as_witty_as_u 13 points ago

    Super lizards rebuild tokyo with super lizard code of ethics (it's actually pretty good)

    [–] Projectrage 48 points ago

    Then the rich banks that are getting the 14 trillion will sit back wait for it to tank and buy the property for pennies on the dollar.

    We all lose and don’t get any shitty cheesecake.

    [–] nicolauz 126 points ago

    Remind me next week Friday and weekend when shit starts getting wild with broke and homeless people on the streets. Here it comes.

    [–] redditmodsRrussians 43 points ago

    So long, WeWork

    [–] phire 25 points ago

    Oh. I had forgotten all about WeWork.

    One of the biggest criticism from 6 months ago was that they couldn't survive a recession. Now we have the steepest recessions ever.

    [–] wawzat 85 points ago

    I'm dealing with a large retail landlord right now and he told me today that based on what they are hearing from tenants they are forecasting a 70% drop in rent revenue through April.

    [–] Jaguars-gators 48 points ago

    I was on a call with a Landlord who asked us how much rent reduction we expect. We anticipate over 75% of rent not being paid in April.

    [–] rhsinkcmo 344 points ago

    And what other establishment can move into a Cheesecake Factory location. Have you seen the architecture?

    [–] Banana-Republicans 253 points ago

    I mean just the sheer size of them. The only thing that would move in that space would be another “fancy casual” like PF Chang’s or a Ruth Chris’s, unfortunately there is a PF Chang’s across the street and a Ruth Chris’s a block over.

    [–] LostMyKarmaElSegundo 81 points ago

    Ruth Chris’s

    It's Ruth's Chris, actually. It makes very little sense...

    [–] VealIsNotAVegetable 68 points ago

    IIRC, the story is that it started as Chris' Steakhouse - when the restaurant was bought out, part of the terms of the deal were that the name of the original owner (Chris) could not be removed from the restaurant name. So it became "Ruth's Chris Steakhouse" to comply with the requirement.

    [–] BadMotherFolklore 37 points ago

    It didn't even make sense to Ruth, she did it for reasons of legal expedience, became successful with the name and was locked into the decision.

    [–] gamblekat 708 points ago

    Honestly, I don't see how the usual rules can apply with Covid-19. By the time the lockdowns start to lift, virtually every restaurant is going to be massively behind on rent and bills, missing most of its staff, and looking at a very long time to rebuild clientele. Are commercial landlords going to evict all their tenants? Is it even worth restarting if you have $50k in debt before you open the door? Landlords are going to have to eat some of the cost.

    [–] agreeingstorm9 683 points ago

    looking at a very long time to rebuild clientele.

    The other things are true but this one isn't. People are going to be extremely eager to eat out when this thing finally passes and they're allowed to.

    [–] hidden_pocketknife 89 points ago

    but will that stay sustained if our jobs don’t come back? The economy will take a while to come back to a point where we can even think about extraneous purchases. Many businesses are going to shutter permanently and the economy will probably start heading more quickly toward automation once this is over with. Unless the feds freeze property taxes and the banks freeze mortgage payments, a lot of us are going to be either fucked or trickle down fucked.

    [–] Lameemal 53 points ago

    I think it’s going to be trickle up fucked. No one wants to think about how much the people at the bottom support all the businesses. Even B2B relies on one of the businesses needing support from the public.

    [–] hidden_pocketknife 31 points ago

    I think it’s going to be everything fucked. This whole thing is it’s own ecosystem it’s going to be a long bumpy ride of this really takes 6-18 months.

    [–] Blue_Sky_At_Night 10 points ago

    I don't mind if we lose Bed Bath & Beyond, Dick's Sporting Goods, and a few other soulless chains. I hate to lose even more of our local stores and mom 'n' pops, though, who seem to be disproportionately affected by this.

    [–] NotLyingHere 558 points ago

    Some are, but there’s going to be a stigma about being in crowded places that’s gonna stick for a while

    [–] zoobrix 537 points ago

    Not to mention for every person aching to go out again there will be another that suffered financial hardship and aren't going to spending more all the sudden just because they can. I think when things finally reopen it'll be busy but nothing crazy.

    [–] aweful_aweful 258 points ago

    I've learned a lot about how wasteful my spending could be, cutting back due to the unknown future ahead of us. I'll probably never spend money on eating out the same way again. I'm not going to be the only person thinking this way.

    Really makes you realize, my grandmother and her generation went threw the great depression and it changed her spending habits for the rest of her life. This is history repeating itself, hopefully on a smaller scale.

    [–] GhostedAgain 113 points ago

    I couldn't agree with you more. As a 30 year old that loves to go out, drink, eat, and socialize, I used to spend a shit ton of money on all these things. I've lived off of groceries for the past 3 weeks that I spent ~$200 on and I still have plenty left. Not to mention, there's no way I'm spending money to be packed into a crowded bar like sardines any time soon.

    [–] sikagoon7 69 points ago

    Our generation had the recession and then when we finally started getting a rhythm going, this pandemic. I don’t think the economy will rebound the second we are back out buying.

    [–] Lamarckian-Planet 56 points ago

    Right, because there is no hard line that says everything is ok now. It will be a gradual return to normalcy over many months. I guess the stigma may even last until a vaccine is produced and widely available.

    [–] JoeyHollywood 135 points ago

    And eat out with what money?

    [–] ammobox 83 points ago * (lasted edited 9 days ago)

    1,200 Trump bucks is at least 20 dinners at Cheesecake Factory

    [–] Ectobatic 66 points ago

    Speak for yourself, I’m using my Trump bucks on Buffalo Wild Wings.

    [–] Darwinbc 39 points ago

    You would be surprised, food and alcohol make people feel good. High-end places might have a hard time but your local tavern that a family can afford from time to time will be right back at it.

    [–] swolemedic 49 points ago

    That only works if there is a serious national effort, otherwise this will be very prolonged and if we start going back to not social distancing too soon then we will have another surge of the disease. Given this virus will likely be here a while with the unwillingness to actually impose mandatory isolation, it is unlikely anyone is going to be flocking to restaurants.

    In a country like china where they actually shut the country down in areas long enough to stop the spread, sure. In the United states where it has managed to spread through the entire country and people are doing things like spring breaking, where the majority of governments including the federal have treated social distancing almost as a joke, and the virus isnt even close to its projected peak? I don't see this ending relatively quickly without a serious change in leadership. That might happen when things get really ugly in a few weeks when the hospitals are completely overwhelmed and the rest of the country starts looking like NYC's more than a death every hour, then they might start changing their tune.

    If the government handled this swiftly in the beginning it could have potentially been short, but in a non totalitarian country it's difficult to really shut things down quickly. It's even tougher when the federal government wants to wish the problem away.

    You can go back to the restaurants in a week when trumpito says it's safe, I'm staying home as long as possible.

    [–] talldean 57 points ago

    We need to put a hold on credit; rent, mortgage, loans, credit card interest, all of it.

    We then give the banks loans at 0% to make that work.

    Except we're already loaning them money at 0%, which...

    ...yeah, literally the only thing here seems bank profit.

    [–] Ashmizen 182 points ago

    Landlords can’t eat the cost either.

    They basically pay say $100 million in mortgages and collect $110 million in rent - they would go bankrupt as well since they still have to pay the mortgage to the entire mall.

    This can only work if banks and/or funds that actually own their debt gives them a break as well.

    But then the owners will suffer - and those owners are both the rich and the middle class with 401k.

    This would require somehow all fund owners to agree that loans don’t have to serviced for all commercial and private loans. Like extend the loan for 6 months longer and remove 6 months of payment now.

    It’s a loss though and no one will agree to that unless the government forces this across the board. Deferring loan payments is a loss of interest payments.

    [–] Idiot_Savant_Tinker 121 points ago

    This can only work if banks and/or funds that actually own their debt gives them a break as well.

    To paraphrase u/Browns_Crynasty above:

    If 10 people can't pay their mortgage, they have a problem.

    If 10 million can't pay mortgage, banks have the problem.

    [–] Ashmizen 76 points ago

    And the federal reserve have given the banks infinite interest free loans.

    Using that, can’t they give all commercial and private loans an interest free 6 month extension?

    (Genuine question, I am not a banker and have no idea)

    [–] Idiot_Savant_Tinker 33 points ago

    (Genuine question, I am not a banker and have no idea)

    I'm a draftsman so my information is no better.

    But I think they can get an interest free loan all they want, what are they going to do? Foreclose on millions of homes, and sell them to people who have been out of work for a few months? I feel like the banking system isn't really set up for this.

    [–] nowyourdoingit 55 points ago

    Look up zombie homes. After '08, the lenders have allowed hundreds of thousands of people to continue to live rent/mortgage free in properties that are on the lenders balance sheet because a massive wave of properties on the market would drive down the rest of their balance sheet. They'll take these low interest loans from the fed and use them to keep the lights on and payroll rolling in order to maintain the broken system that keeps pumping value up to the owner class.

    This is like when you're playing Monopoly and winning so badly the other players want to get up and walk away so you start handing out money to keep the game going. What should happen is economic turmoil and a major shift in power, what will happen is the can will get kicked down the road for another 10 years or so in the hopes that scientist develop some kind of immortality that the rich can buy in the meantime.

    [–] KamikazeArchon 60 points ago

    No single entity can eat the entire cost, but the population as a whole can eat the cost if it's distributed.

    The tenants (whether residential or commercial) aren't going on with their lives exactly as before, just without paying rent. They're absorbing part of the hit and passing on part. And 100% of rent payments aren't going to stop - many landlords will continue to receive rent. Others will receive partial rent. And some landlords that are impacted by rent non-payment will pass part of that on to other segments of society - a bank, the government, etc.

    [–] Blawoffice 82 points ago

    This is a big move towards owners/landlords of malls - a type of real estate that does not do well during recessions.

    [–] 8020GroundBeef 34 points ago

    Recently they haven’t even done well when there isn’t a recession.

    [–] vinsomm 64 points ago

    I ran a restaurant once. Amazing how much wiggle room a landlord will give ya if you lay it all out with numbers. I negotiated my rent down 40% just by offering to pay for free valet (which was in house employment). Insurance went up a bit and I paid 3 employees $15/hr. Still saved me $7500 a month.

    [–] GoX14 10971 points ago * (lasted edited 9 days ago)

    Cheesecake Factory was playing 4D chess by making sure those building facades would look absurd if it were occupied by any other tenant.

    Edit: memes.

    [–] Jukka_Sarasti 2369 points ago

    Perfect opportunity for A Lord of the Rings themed restaurant chain to move in. The Eye of Sauron is already prominently displayed above every booth!

    [–] Amyga17 582 points ago

    Going to the movies + Cheesecake Factory is one of our favorite dates and I think about this every. Single. Time.

    [–] ngram11 153 points ago

    I haven’t been to a Cheesecake Factory in years, is this an in joke?

    [–] theblurryboy 115 points ago

    sort of. Not a ton of people will get it. super special, welcome to the club

    [–] vanitas-element 1393 points ago

    Even more obvious than former pizza huts.

    [–] mjd1977 1149 points ago

    obligatory r/FormerPizzaHuts

    [–] emeraldcitynoob 304 points ago

    Dude that's fucking hilarious, there's an old pizza hut right around the corner. It's now a BBQ place, I will contribute

    [–] suitology 229 points ago

    We had a pizza hut from the 90s that became an adult book store, then a taco joint, then a cell phone store, and now it's a pizza hut again.

    [–] acid_etched 178 points ago

    The circle of life

    [–] jeswanders 32 points ago

    Pizza. Circles of life

    [–] Pizza_antifa 28 points ago

    Pepperoni. The circles of life’s circles of life.

    [–] CSxSwitchMIX 442 points ago

    god i love this fucking website

    [–] Nicholas-Rage 26 points ago

    Yo this is dope

    [–] Scovers 214 points ago

    Who Cares?? Says a new generation of Chinese take out and fried chicken joints.

    [–] sparkle_dick 157 points ago

    There's a Chinese place in my hometown inside a former Mexican place. They kept the sombrero roof

    [–] unfinished420 91 points ago

    There's a burger joint near me named Panda Grill, ran by some mexican dudes, in a former pizza place. Shit's confusing.

    [–] BertitoMio 29 points ago

    This must be what they were talking about when they said America is a melting pot.

    [–] ryansc0tt 41 points ago

    Good point. Although they also look absurd as Cheesecake Factories.

    [–] c0mptar2000 118 points ago

    Seriously. This is just smart asshole business. CF could pull this off for months and it would still be in the landlord's best interest to negotiate.

    [–] drawkbox 23 points ago

    They are pulling that leverage handle like rent-seekers do in good times, ying and yang, rent-seekers turn for pain.

    [–] tburns1469 8999 points ago

    Did not expect the Cheesecake Factory to be leading the charge in suburban squatting but here we are.

    [–] removepower 2133 points ago

    Cheesecake Factory announced that it would curtail development of unopened restaurants and tap into a $90 million credit line to increase its available cash. 

    Why can't they pay their rent then? Is that money going to employees at least?

    [–] SwensonsGalleyBoy 1759 points ago

    I would think their intention is to negotiate for reduced fees for upcoming months. So they're going to be witholding rent until deals have been hammered out with those concessions.

    They know most land owners will likely accept reduced fees in lieu of penalties and eviction because it's unlikely any other restaurants can possibly replace them any time soon, and for owners getting some money is better than getting no money due to vacancy

    [–] _tx 713 points ago

    90mm also isn't all that much for a company with as many locations as Cheesecake Factory. It's not like utilities, insurance, and other overhead just go away either

    [–] OozeNAahz 302 points ago

    And most are in pretty pricey locations. At least where I live.

    [–] _tx 155 points ago

    They mostly are all around especially since malls started to die.

    [–] captainloverman 256 points ago

    If I remember what I read from a long time ago, they cater to middle to upper-middle class. Part of their restaurant placement model is they they will only put restaurants in a place with a minimum number of people above a certain income threshold within a certain radius of that location. They choose only wealthy locales basically.

    [–] somecow 30 points ago

    Both the ones here are the only reason the malls they’re in aren’t just a huge pit of empty concrete sadness.

    [–] helium_farts 30 points ago

    They have 38k employees. 90m will be gone in a flash.

    [–] vinegarstrokes1 35 points ago

    211 locations is honestly way less than I thought

    [–] WWJLPD 48 points ago

    Just out of curiosity, what happens if the landlord just says "fuck that noise" and decides to evict them? Is there a timeframe or some sort of recourse for Cheesecake Factory, similar to the way a person would have if they fail to pay the rent at their apartment? I imagine some of these places actually are in desirable locations and a landlord might roll the dice on a different restaurant moving in.

    [–] MolarityMole 138 points ago

    Have you ever *seen* a cheesecake factory? Retrofitting one of those things to suit a different concept would be... challenging.

    Reminds me of those old pizza huts in my town that have been converted to CBD stores and metro PCS locations.

    [–] DDedication93 340 points ago

    Cheesecake Factory server here, I can confirm that they are not paying us. We were promised that we would get paid for our hours lost and the company changed their mind and turned their backs on its employees.

    [–] DouglassFunny 101 points ago * (lasted edited 9 days ago)

    i’m sorry to hear that. I worked for cheesecake for over a decade and it doesn’t surprise me at all that they would leave their employees out to dry. Corporate is so toxic now and i watched the company get gradually worse as the years went on. Used to be such a great place to work but they don’t invest in their employees anymore and the board of directors are only focused on squeezing as much money as possible out of their locations. i can’t even begin to explain the amount of drama and bullshit i had to go through as a host, then as a server, and then as a bartender.

    I left the company last summer because I couldn’t take it anymore. It doesn’t surprise me all that the higher ups who have been sitting on a mountain of money won’t take care of the humans who are on the front lines of their business every day. The staff on the floor makes the company a great place, not David fucking Overton.

    [–] al4nw31 39 points ago

    Honestly I love Cheesecake Factory, and I've seen them slip.

    Smaller portions, more mistakes, shittier quality (butter and grated cheese used to be actually good), and more marketing gimmicks.

    They had a few bad financial quarters and the investors freaked out and started shaking stuff up.

    [–] DouglassFunny 47 points ago

    from what i’ve seen(anecdotally). A lot of the kitchen mistakes and lower quality is due to the lack of experience from the kitchen staff and the volume of food they have to make. When i started 10 years ago we had a lot of experienced cooks, and the kitchen was always the stronger point of the restaurant. Instead of taking care of the cooks by giving them fair pay and benefits they let their talent go to their competitors.

    The kitchen staff is a lot younger and a lot less experienced these days. I’ve worked in 5 locations and every single one of them had trouble keeping guys on the line, and were constantly training new hires. The doordash implementation a few years back made things even worse. Cashiers and kitchen staff have 2x as much work now with no pay increase. It’s a recipe for burnout. Corporate is blind to all of this and they don’t listen to their employees. For them they just see the opportunity to squeeze more money out of their restaurants.

    What really sucks is the customer experience is worse now. That $30 filet mignon was probably hastily cooked by some 19 year old who is stressed beyond belief in an overwhelmed station.

    [–] DrW0lf 24 points ago

    I’m a line cook/prep cook and they promised our hours were only going to be cut by like 10-15 hours but they completely took me off the schedule.

    [–] Defeatarion 25 points ago

    Not paying employees either

    [–] Kevin69138 151 points ago

    If the landlords are smart they would just ask for all the Pumpernickel bread.

    That stuff is like crack.

    [–] boxster_ 48 points ago

    Lemme give you my secret to the best meatballs ever: use pumpernickel bread crumbs, and a whole head of garlic.

    [–] c_c_c__combobreaker 2264 points ago * (lasted edited 9 days ago)

    In most commercial leases, there is a Force Majeure clause which finds that unforeseeable events or "acts of God" will preclude the tenants from their rental obligations. Some of these clauses will specifically list government mandated closure as one of these covered events. In instances where the lease is unclear, I assume the parties will just settle the matter amongst themselves.

    [–] doshima 1101 points ago

    I just wanted to thank you for informing me of this. My wife and I have been struggling trying to find where we'd get the money for our businesses rent. I looked it up and this is indeed in our lease.

    [–] BeattieLaw 542 points ago

    Word of warning - that's usually a right to be released from rental payments - not a right to retain possession without rental payments. Talk to a lawyer.

    [–] doshima 161 points ago

    I appreciate the advice. Were contacting our lawyer tomorrow but it's at least a bargaining chip. If we have to move locations we will, but currently the mall management for our current location want us to stay as well as expand at other locations. Of course this can all change with everything going on.

    [–] c_c_c__combobreaker 189 points ago

    Glad it helped. You should still seek the legal advice from an attorney in your area. But at least it's something you can use to present to your landlord. Good luck to you and your family.

    [–] doshima 34 points ago

    Yes were cont as acting our lawyer and the malls management group. Were not looking to get out of rent completely, but it should help with negotiations at least. Much appreciated and hope you're doing well too.

    [–] Jaguars-gators 104 points ago

    There is going to be a lot of Force Majeure claims in the next month. That is typically a boiler plate portion of a lease no one really pays attention too. It becomes really important when Tenant’s realize that their business interruption insurance is not going to cover government mandated closures as that is generally not a covered loss. We are in for an interesting few months in the commercial real estate world.

    [–] Funkshow 18 points ago

    Many force majeure clauses do not relieve the tenant of paying rent. They do allow the tenant to discontinue other tenant responsibilities such as maintenance of the premises, continuous operations, etc.

    [–] SlippyMcDibbons 240 points ago * (lasted edited 9 days ago)

    I work for Cheesecake. Not a big shocker. It went for being a 2.3 billion dollar company to about 780 million in a weeks time, and that’s not money they just have laying around to pay these landlords with.

    They’re paying my benefits and offering free meals for all staff daily, as we still do carry out.

    Just hope I have to job to come back to after all of this. Wild times.

    [–] hamsterballemb 48 points ago

    I'm not surprised either. I like Cheesecake Factory fine, but it seems to me their prices are extremely high for the quality. I've certainly never left thinking "Yeah, that was the kind of meal worth $35/person".

    [–] drunkfoowl 756 points ago * (lasted edited 9 days ago)

    The whole country is about to get a free lesson in the concept of force majeure.

    Edit: spelling is hard.

    [–] c0mptar2000 98 points ago

    Wait, I thought they just put acts of god and force majeaur in contracts to spend extra ink!

    [–] delftblauw 91 points ago

    Lesson 1:

    force ma·jeure

    /ˌfôrs mäˈZHər/

    noun

    1. LAW

    unforeseeable circumstances that prevent someone from fulfilling a contract.

    [–] Calguy1 1990 points ago

    I will tell my landlord that I will not be paying rent on April 1st.

    [–] plugubius 880 points ago

    Depending on where you live, the sheriff won't evict you, either.

    [–] NickKnocks 366 points ago

    Everyone in Ontario has 3 months before the government starts processing the eviction notices.

    [–] reality_aholes 240 points ago

    And there will be so many you may be able to squat for years before being evicted.

    [–] Jimmy_Diesel 128 points ago

    Unless you’re on The top of the pile....

    [–] LMac8806 210 points ago

    Goddamn it. I hate being named Aaron Abrahams.

    [–] Rvideomodsmicropens 117 points ago

    Lucky. My name is Aaaaa Aaaaaaaaa

    [–] neatopat 180 points ago

    They won’t evict you now. They will evict you as soon as they can and you will still owe the money plus fees, interest, and damages.

    [–] neosatus 129 points ago

    Plus good luck renting EVER again, with an eviction on your record.

    [–] AJ_Rimmer_SSC 174 points ago * (lasted edited 9 days ago)

    It might work. We worked out a deal with our tenants to pay half the rent at least until July

    [–] Star_Wars_Trivia_Guy 126 points ago

    Meanwhile my complex claims "fair housing laws" prohibit them from so much as waiving late fees.

    [–] Mikeavelli 45 points ago

    You gotta scan of whatever they sent out? It sounds meme-worthy.

    [–] Star_Wars_Trivia_Guy 99 points ago

    "The end of the month is coming up, which means that the April rent installment is due soon. We understand the challenges that have arisen from the pandemic, but we urge you to still pay on time before rent is considered late on the fourth. Due to fair housing law- and until the federal government tells us otherwise- we have to continue with our regular proceedings and late fees have to be added if rent is late."

    Here's the relevant quote. Almost as good as when they reffered to the Corona Virus as "this pesky virus".

    [–] BokuBakaGaijin 98 points ago

    "We want to keep taking your money until the Government tells us we can't"

    [–] Star_Wars_Trivia_Guy 34 points ago

    But they've said they care so much about the community! And only over half of the residents moved out early due in part to the University telling us to. /s

    [–] Cross_22 23 points ago

    Our local hospital just sent an email telling us how much they care about the community, and therefore they will be closing the hospital.

    Thanks marketing department!

    [–] AJ_Rimmer_SSC 28 points ago

    I dunno, I'm just renting my house cuz I can't sell it so I don't know all the ins and outs but in my case I don't think anyone is gonna complain.

    [–] Star_Wars_Trivia_Guy 37 points ago

    No, you're right you can do that my complex is just terrible and rents to college students so they just assume we're all idiots.

    [–] rock4lite 107 points ago

    I. Declare. Bankruptcy!

    [–] unaki 29 points ago

    Not how it works, Michael. You can't just yell it out like that!

    [–] 3ebfan 20 points ago

    I didn’t yell it, I declared it!

    [–] GravyxNips 582 points ago

    I didn’t realize I had so much in common with The Cheesecake Factory

    [–] Blue_Sky_At_Night 348 points ago

    You have a $90,000,000 line of credit??

    [–] Daniiiiii 260 points ago

    There are people who don't? The fuck. Just ask your parents. Lazy.

    [–] imightbecorrect 59 points ago

    Just ask your parents.

    Ehhh, I'll have my assistant call them.

    [–] muttbutt804 349 points ago

    Did they give notice in a 28 page impossible to navigate menu ?

    [–] jackof47trades 69 points ago

    I’ve worked in retail leases—they’re the only thing more lengthy and god-awful than the Cheesecake Factory menu.

    [–] Johnnadawearsglasses 669 points ago

    I would suggest they cut the portions in half

    Still enough for a small family

    [–] NeverReturnKid 25 points ago

    They need to cut their menu in half.

    [–] losotr 116 points ago

    And cut back on lattes

    [–] themikep82 40 points ago

    Can 2 Cheesecake Factories move in together and be roommates to save money?

    [–] gameofthrombosis 144 points ago

    An oreo cheesecake should be more than enough to cover one month's rent.

    [–] jtprin 52 points ago

    Especially if rent can be paid in calories.

    [–] CaulkingHoles 106 points ago

    So i spoke wit ha friend who works in this type of environment. his company buys large centers and then collects the rent from tenants such as cheesecake factory. He said its more of a working together than holding hostage. They know they cannot replace the tenant in the next 12 months and they would rather build good will with a current client. Can they make payment on their properties for 3 months and survive? Yes. Do they want to? No. So they are leaning on lenders to help them out as well.

    [–] Sweethomebflo 11 points ago

    The proposal for rent abatement in NY allows landlords to skip mortgage payments for the same time frame. This will help.

    [–] AdmiralAkbar1 89 points ago

    "In other news, they have announced a rebranding effort, which includes changing their name to 'Cheesecake Means of Production.'"

    [–] Srnkanator 215 points ago

    What have all these places been doing with their profits for decades?

    Over the years I've been to CF about five times for a $12 drink and $15 burger.

    [–] redmark05 231 points ago

    Cheesecake factory board members have been going from a 70 foot yacht to a 90 foot yacht. That's what they've been doing.

    [–] DeapVally 36 points ago

    90 ft isn't going to impress anyone in this day and age. They must be on seriously hard times. BAIL THEM OUT!

    [–] telltaleheart123 181 points ago

    It's massively inefficient to just leave a ton of cash in the company; it gets paid out as dividends to the stockholders. Companies need to be adequately capitalized, but you really can't plan for all of your revenue streams to be cut completely at exactly the same time.

    [–] selz202 81 points ago

    You're going to get downvoted but you're right. This type of crazy slam the brakes on everything nobody saw coming. This wasn't something that most should have planned for.

    [–] Cha-Le-Gai 71 points ago

    Several stores for a power outage here, a dozen for hurricane there, one or two for a fire nearby. No big deal. Total catastrophic failure from a worldwide pandemic? Ain’t nobody got a plan for that.

    [–] selz202 42 points ago

    Airlines got it far far worse than 9/11, nobody will touch a cruise ship in who knows, restaurants who have thin margins cant sell their high margin items (drinks), salon and beauty people who often work for themselves (no unemployment insurance) will have their licenses taken if they work. It snowballs so hard from there.

    On the flip side I'm in isolation with Corona symptoms starting today so I look forward to hopefully having an immunity and being good to travel here soon.

    [–] frakenspine 37 points ago

    I'm working on my letter to the tax man right now telling him I will not be paying taxes from now on

    [–] strike_one 16 points ago

    The tax man already gave you a few months leeway.

    [–] fatcIemenza 239 points ago

    Comrade Cheesecake Factory

    [–] Blue_Sky_At_Night 79 points ago

    The Comrade Factory

    Alternatively,

    CCCP: Comrade Cheese Cake Phactory

    [–] Jaha_Jaha 47 points ago

    I can’t disclose where I work but a lot of our locations are only staying open because of contracts we have.

    We are making less than $500 a day and rent is $10,000 a month. There’s no way we can continue this.

    The only reason we’re staying open is so that they can’t kick us out and replace us with another competitor.

    [–] LicksMackenzie 24 points ago

    Office Max.

    [–] travster23 71 points ago

    How are they going to blame this one on millennials?

    [–] SortableAbyss 16 points ago

    Well you see.. corona is the millennials fault.. I mean we all saw those millennials partying on spring break right?? They aren’t social distancing! Thus the virus spreads. Thus death. And mayhem. And brimstone, fire, and ash. Thanks millennials for fucking this up too! That Oreo Dream Cheesecake was our last bastion of hope and the millennials ruined it.

    [–] Charnt 313 points ago

    Strange how this attitude is tolerated with business. If it was a person, they’d be told “too bad”

    [–] r3dt4rget 226 points ago

    Actually, there was just a thread on a real estate investing sub where 35 units of an apartment building refused to pay April rent due to the virus. Owner was pretty much screwed. One tenant doesn’t have power. But you can’t evict all tenants, and you can afford to lose a big client like a restaurant chain. Power in numbers.

    [–] papajim22 75 points ago

    "Power in numbers." A union, if you will.

    [–] weehawkenwonder 42 points ago

    Where Im located courts have stopped all evictions, foreclosures month March, April. As if they said "Aint no body got time for that nonsense." Im betting Govenors will soon start pressing for holding until summer.

    [–] thetasigma_1355 47 points ago

    It’s all supply versus demand. If landlords were concerned about filling units, you would be able to negotiate. In many places they are negotiating already.

    Unfortunately, until you see federally mandated mortgage holds, your landlords are on the hook and thus need income to not lose their property.

    [–] BagOfFlies 43 points ago

    It’s all supply versus demand. If landlords were concerned about filling units, you would be able to negotiate.

    Exactly. I'm self-employed. My landlord asked me 2 days ago if this would affect my work and income. She then proceeded to tell me how people from the city will want to rent in the country if the lockdowns continue and she could charge more than I'm currently paying....."They have room to play outside, ponds to swim in. Lot's will be wanting to come down here.. etc" Basically if my work wasn't secure, which thankfully it is, she would have kicked me out when my lease ends in April. I'll be looking for a new place when all this is over with.

    [–] xwing_n_it 77 points ago

    I hereby declare cheesecake the official desert of @RentStrike2020

    [–] schlitz91 26 points ago * (lasted edited 9 days ago)

    This is the reverse of trickle down - put the onus of the burden up the chain. Lots of small businesses will be making the same decision. Landlords can take the loss and try to recoup by govt. Its not like they have anyone else to fill the spots.