Home Forums Hunting & Shooting Hunter's Campfire Cheesecake Factory tells it's landlords it simply will not be paying its leases April 1st

I am that business owner (with partners) that is helping rebuild our downtown area one block from the local university. We have won awards and praise for the community because of the revitalization we’ve brought back to our small town. We’re in the process of renovating another building. My partners and I currently own five restaurants, a couple of bars and a boutique hotel. We employ around 100 plus employees. This is devastating on us! Our restaurants have dropped 75% in business and we’ve laid almost all of our employees off. Down to only salaries managers and they have taken cuts. The hotel has only one room rented every few days. The governor made us close the bars and dining rooms. We still owe the banks.
Yes, hopefully we’ll make it through and have a vibrant rebound. But when you have a incredibly large bank note and employ many people that rely on you for their livelihood it’s tough. I look to my employees as friends or my family and to have to lay them off in order for the company to survive is tough.
We have spoken to the banks and we’ll pay them off but if we have to pay all of the notes with no help or assistance we would go bankrupt and our city would loose a tremendous amount of tax revenue.
It’s more to this than just helping a couple of families.
God bless us all!

I am that business owner (with partners) that is helping rebuild our downtown area one block from the local university. We have won awards and praise for the community because of the revitalization we’ve brought back to our small town. We’re in the process of renovating another building. My partners and I currently own five restaurants, a couple of bars and a boutique hotel. We employ around 100 plus employees. This is devastating on us! Our restaurants have dropped 75% in business and we’ve laid almost all of our employees off. Down to only salaries managers and they have taken cuts. The hotel has only one room rented every few days. The governor made us close the bars and dining rooms. We still owe the banks.
Yes, hopefully we’ll make it through and have a vibrant rebound. But when you have a incredibly large bank note and employ many people that rely on you for their livelihood it’s tough. I look to my employees as friends or my family and to have to lay them off in order for the company to survive is tough.
We have spoken to the banks and we’ll pay them off but if we have to pay all of the notes with no help or assistance we would go bankrupt and our city would loose a tremendous amount of tax revenue.
It’s more to this than just helping a couple of families.
God bless us all!

I think your banks should consider placing the next 6 months of payments at the back of your loans.
Basically just extend the loans 6 months while waiving the next 6 months of payments.

If they don't find a way to get creative with this un-necessary foreclosures will abound.
There isn't any need for this, we will pull out of this in grand order but lack of flexibility is going to have grave consequences.
Time for a heart to heart group huddle with your investment team and your bankers.

Hasn't the bulk of the tourist season already passed?
Seems by April first things normally slow down rather rapidly.

Not insinuating that you will not occur related losses but the bulk of the 1st quarter should already be in the bank.

The balance of the year going forward is another thing.....Best of luck...

With this barely a month in and so much talk of not being able to pay bills, I have to ask, doesn’t anybody put money in the bank for a rainy day ? You got people talking about not being able to make house payment already.

When the money dries up, there is no such thing as good debt.

Personal finances and business finances are two different things. Especially if you operate your business on a cash basis.

So a business doesn’t have a savings account for a just in case scenario like a household does ?

Those that embrace the modern MBA continuous growth thinking usually don’t have much.

Their idea is that holding cash is a sin as it should always be reinvested in things that expand the business, used for acquisition, etc. They also believe that excess cash encourages businesses to ignore excessive expenses and agency costs.

This is plainly stupid but business schools keep cranking out people who think this way.