Cheesecake Factory Reports Impact Of COVID-19 - Quick Facts

(RTTNews) - The Cheesecake Factory Inc. (CAKE) has decided to withdraw the company's first quarter and fiscal 2020 financial guidance due to uncertainty associated with the rapidly evolving COVID-19 situation.

"The coronavirus pandemic has had an unprecedented impact on the restaurant industry as containment measures escalate. We have been following the guidance of the CDC and our local health departments and will continue to do so throughout this evolving situation," said David Overton, CEO.

The Cheesecake Factory drew an additional $90 million on its revolving credit facility. The company has also curtailed its planned unit growth for the year.