Report Says The Cheesecake Factory & Applebee’s May Be In Jeopardy
It would be an understatement to say that 2020 has been an extremely bad year for retail stores and restaurants. The list of tenants leaving Quaker Bridge Mall in Lawrenceville, NJ includes Justice, Lane Bryant, and Sur La Table.
Now, a report has just come out that says 2 restaurant chains with locations at or near Quaker Bridge Mall are having significant financial problems.
According to USA Today, Cheesecake Factory and Applebee's Neighborhood Grill & Bar were just added to a list of restaurant chains that could default on loans. USA Today notes that a company that defaults on its loans "are often forced to file for bankruptcy protection, close locations or occasionally liquidate."
The Cheesecake Factory's website shows that the restaurant chain has hundreds of locations in the United States, including 10 in New Jersey and 3 in the Philadelphia suburbs.
Quaker Bridge Mall's Cheesecake Factory opened in 2012 as part of a major renovation that also included the addition of Michael Kors, Pandora and Sephora.
Meanwhile, although the Applebee's Neighborhood Grill & Bar located on Route 1 is technically not a mall tenant, many locals refer to it as "the Applebee's at Quaker Bridge Mall."
Dine Brands is the parent company that owns Applebees and IHOP. According to the company's website, Applebee's opened its first location in 1980 in Atlanta, GA, and now has over 1,700 locations worldwide.
USA Today says that The Cheesecake Factory has an 11.7% chance of defaulting on its debts within the next year.and Dine Brands has an 11.3% chance of defaulting.
According to USA Today, Dave & Buster's, Outback Steakhouse, and Denny's also have a significant chance to default on their debts within the next year. To read more, click here.