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Cheesecake Holds on to Leases, Cuts Growth

CALABASAS HILLS, CA-The chain already has some great lease deals, and renegotiating is not yet necessary, CEO says.

By Debra Hazel | Updated on February 13, 2009

CALABASAS HILLS, CA-While many retailers seem to be storming their landlords’ office to renegotiate leases, the Cheesecake Factory is holding to its deals, even as the company cuts expansion, executives said at the company’s fourth quarter conference call.

Despite the prospect of many co-tenants closing multiple stores, the chain has not been doing mass renegotiations of their deals, said David Overton, chairman and chief executive officer. The company is a destination in itself, located in some of the top malls in the country, which are less likely to be affected by closures.

“There would have to be a lot of tenants closing [to trigger a renegotiation]. Frankly, we have some of the best lease arrangements out there,” said David Overton, chairman and CEO. “It’s hard to go back and do that.”

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