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re: The Cheesecake Factory Tells Landlords They Won’t Be Paying April Rent
Posted on 3/26/20 at 6:39 am to kywildcatfanone
Posted on 3/26/20 at 6:39 am to kywildcatfanone
quote:
I'm guessing whomever owns cheesecake factory land can afford to miss rent for a month or two.
Why would you guess that?
0
Posted on 3/26/20 at 6:43 am to Ole War Skule
Haha of course it’s the LLs problem. Force majeure is typically a timing/excusing delay provision and isn’t usually intended to just wholesale cover for non performance. They’re not delivering quiet enjoyment, access, etc.
If I could invest in legal arguments likely to explode in popularity, temporary frustration of purpose would be a big play.
If I could invest in legal arguments likely to explode in popularity, temporary frustration of purpose would be a big play.
Posted on 3/26/20 at 6:44 am to kywildcatfanone
quote:
I'm guessing whomever owns cheesecake factory land can afford to miss rent for a month or two.
whether can can afford it or not isn't the point....you sound like trash justifying stealing from 'the man'.
"I'm sure they can afford it", so I'll steal from them."
Posted on 3/26/20 at 6:46 am to Pettifogger
quote:
temporary frustration of purpose
Sounds like my sex life
Posted on 3/26/20 at 6:46 am to Powerman
Cheesecake Factory build outs suck to fill I’m gusssing.
Posted on 3/26/20 at 6:47 am to Ole War Skule
quote:
whether can can afford it or not isn't the point....you sound like trash justifying stealing from 'the man'.
"I'm sure they can afford it", so I'll steal from them."
If the LL doesn't have enough on his balance sheets to cover him for 2 months they must be a loser right? Is that how this works?
The most sensible thing for both parties to do would be to amend the contract and allow for partial payments of rent until things turn to normal with the intent of all back owed rent being paid in full within X number of months.
Or the LL could just evict them and let it sit empty for an indefinite period of time.
Posted on 3/26/20 at 6:47 am to Rouge
Nah bro “impossibility”
Posted on 3/26/20 at 6:50 am to Powerman
quote:
I'm sure they have every intention of catching up on back owed rent when they're capable
The Cheesecake Factory revenues 2 billion dollars a year. They're definitely hurting but unlikely not capable of paying rent.
Posted on 3/26/20 at 6:50 am to Pettifogger
quote:
Cheesecake Factory build outs suck to fill I’m gusssing.
I would have to think so. Wouldn't be easy to fill that spot during regular times.
Posted on 3/26/20 at 6:52 am to CajunTiger_225
quote:
The Cheesecake Factory revenues 2 billion dollars a year. They're definitely hurting but unlikely not capable of paying rent.
What are their profits? What are their other expenditures?
Posted on 3/26/20 at 6:55 am to philly444
quote:
survival of the fittest right now... I love it
What a bad arse
Posted on 3/26/20 at 6:57 am to Mo Jeaux
Somewhere in the ballpark of 140 million. Probably closer to 200
This post was edited on 3/26/20 at 6:58 am
Posted on 3/26/20 at 7:00 am to tigergirl10
They have leverage.
And do you want the struggling restaurants to leave the space entirely?
And do you want the struggling restaurants to leave the space entirely?
Posted on 3/26/20 at 7:02 am to Ole War Skule
I agree with you under normal circumstances (in both good and poor economies). However, this is an extraordinary event unlike any other event in the past 50 years and possibly the past century. If the quarantine continues, we will find out very quickly how closely related we all are in our economic ecosystem. currently, a very small minority of landlords can fill up rentals vacated by evictions but most will not be able to going forward - the rental prices will start to come down in the vast majority of rental markets. Commercial real estate is already getting bludgeoned, the housing market (to include rentals) will follow.
This post was edited on 3/26/20 at 7:07 am
Posted on 3/26/20 at 7:11 am to Mo Jeaux
It’s pretty sweet having so many fat Dave Ramsey types from Watson tells us how business should be conducted
Posted on 3/26/20 at 7:19 am to Ole War Skule
quote:
Landlords They Won’t Be Paying April Rent by Ole War Skule
quote:
The landlord has rights too. The question is, can they get another tenant? Especially for a store built for a massive chain restaurant? At a time that restaurants aren’t allowed to be open?
Sucks for the landlord, but they are sharing in losses just like everyone else.
Posted on 3/26/20 at 7:26 am to Ole War Skule
I didn't justify it, just stated that if you own land that cheesecake factory is renting, then you likely are a very high end developer and have money to weather this storm.
It's not like you own a single strip mall, and the tenant is your next door neighbor.
It's not like you own a single strip mall, and the tenant is your next door neighbor.
This post was edited on 3/26/20 at 7:27 am
Posted on 3/26/20 at 7:26 am to Ole War Skule
quote:
I hate tenants.
Cool landlord flex, bro.
Posted on 3/26/20 at 7:47 am to Stealth Matrix
Kick them out and sue them for the remainder of their contractual obligation. That would be my response to their letter anyway.
Them saying that they won’t pay is basically passing on their loss (on rent) to the landlord. Everybody is in this together and it’s not right for one business to pass on a loss to someone else without some recourse.
The correct response is to workout a partial rent payment for 6 months with the remainder to be added back during the next 6 months and at contract renegotiation they can both decide if they want to continue together.
Them saying that they won’t pay is basically passing on their loss (on rent) to the landlord. Everybody is in this together and it’s not right for one business to pass on a loss to someone else without some recourse.
The correct response is to workout a partial rent payment for 6 months with the remainder to be added back during the next 6 months and at contract renegotiation they can both decide if they want to continue together.
Posted on 3/26/20 at 7:56 am to latech15
quote:
Kick them out and sue them for the remainder of their contractual obligation. That would be my response to their letter anyway.
These terrible business hot takes are great
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