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The Cheesecake Factory

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The Cheesecake Factory Incorporated
Company typePublic
IndustryRestaurants
FoundedAs a bakery:
Los Angeles, California, U.S. (1972; 52 years ago (1972))
As a restaurant:
Beverly Hills, California, U.S. (1978; 46 years ago (1978))
FounderDavid Overton
Headquarters
Calabasas, California
,
U.S.
Number of locations
308 (2021)
Area served
Worldwide
Key people
David Overton
(Chairman and CEO)
David Gordon
(President)
ProductsCheesecakes, burgers, pizza, pasta, steaks, sandwiches
RevenueIncrease US$3.303 billion (2022)
Decrease US$38.935 million (2022)
Decrease US$43.123 million (2022)
Total assetsDecrease US$2.775 billion (2022)
Total equityDecrease US$292 million (2022)
Number of employees
47,500 (2022)
SubsidiariesThe Cheesecake Factory Bakery Cafe, LLC.
Grand Lux Cafe, LLC.
RockSugar Pan Asian Kitchen, LLC.
Social Monk Asian Kitchen[1]
Fox Restaurant Concepts
Websitethecheesecakefactory.com
Footnotes / references
[2]

The Cheesecake Factory Incorporated is an American restaurant company and distributor of cheesecakes based in the United States. It operates 219 full-service restaurants: 206 under the Cheesecake Factory brand and 13 under the Grand Lux Cafe brand, not including the number of restaurants operated under the North Italia nor any of Fox Restaurant Brands' names. The Cheesecake Factory also operates two bakery production facilities—in Calabasas, California, and Rocky Mount, North Carolina—and licenses two bakery-based menus for other foodservice operators under the Cheesecake Factory Bakery Cafe marque. Its cheesecakes and other baked goods can also be found in the cafes of many Barnes & Noble stores.

David M. Overton, the company's founder, opened the first Cheesecake Factory restaurant in Beverly Hills, California in 1978. The restaurant established the future chain's pattern of featuring an eclectic menu, large portions, and signature cheesecakes.[3] In 2020, Fortune ranked the Cheesecake Factory at number 12 on their Fortune List of the Top 100 Companies to Work For in 2020 based on an employee survey of satisfaction. [4]

History

Founding and early years

Evelyn Overton opened a business after making a cheesecake for her husband's employer in 1949. She opened a small cheesecake bakery in Detroit, Michigan, in the late 1950s but eventually gave it up to raise her two children. She continued to supply cakes to several local restaurants through a kitchen in her basement. In 1967, Evelyn's son David M. Overton left Detroit to attend Hastings College of Law in San Francisco, but in 1968, decided to be a drummer, performing with the Billy Roberts Blues Band.[5] In 1971, David convinced his parents to relocate to Los Angeles to open a commercial bakery.[5] In 1972, they moved to the Woodland Hills area of Los Angeles where they opened the Cheesecake Factory Bakery, in which they produced cheesecakes and other desserts for local restaurants.[6]

California

In 1978, Evelyn's son David opened the Cheesecake Factory, a small salad-and-sandwich restaurant in Beverly Hills that sold ten varieties of cheesecakes on a one-page menu.[6] In 1983, he opened a second restaurant in Marina del Rey. By 1987, the Beverly Hills location had expanded into a 78-seat restaurant and was experiencing great financial success. This led to the opening of a third, larger location in Redondo Beach, which was eventually renovated into a 300-seat, 21,000-square-foot (2,000 m2) location. By the end of the 1980s, the Cheesecake Factory's one-page menu had expanded, and the restaurant offered additional fast-food and short-order items.[6]

Expansion beyond Southern California

The Cheesecake Factory at Palisades Center in West Nyack, New York

The 1990s saw the opening of the first Cheesecake Factory restaurant outside of Southern California. The new restaurant was located in Washington, D.C. The Cheesecake Factory was incorporated in 1992 and went public in September 1993. David Overton planned to open 3–4 units a year to generate a 25% yearly increase in sales.[6]

The company began changing its menu twice a year and adding steaks, seafood, and vegetarian dishes. The company continued to open new restaurants and by 1995 was ranked 11th in the United States.[clarification needed] As of April 2013, the Cheesecake Factory operated 162 restaurants under the Cheesecake Factory name in 36 states.[7] Plaza Las Américas in San Juan, Puerto Rico, opened its first Cheesecake Factory on August 28, 2013.[8]

The company used to operate one self-service, limited-menu express food service operation under the Cheesecake Factory marque inside DisneyQuest at Disney Springs in Walt Disney World Resort in Lake Buena Vista, Florida. It opened in 1998 and closed in 2017.[9]

International expansion

The Cheesecake Factory in Hong Kong

The Cheesecake Factory has expanded into international markets by licensing agreements for other companies to operate franchises and corporate ownership. The first store outside the United States was opened at The Dubai Mall in August 2012 as a franchise via a licensing agreement.

On January 25, 2011, the company expanded into the Middle East in a partnership with Kuwaiti retail franchising company M.H. Alshaya Co. The 300-seat restaurant opened on August 16, 2012, at The Dubai Mall. This is the Cheesecake Factory's first location outside the United States.[10]

In May 2014, the Cheesecake Factory announced that it would open the first Cheesecake Factory in East Asia. The first East Asian Cheesecake Factory opened in Disneytown in Pudong, Shanghai, China, on June 16, 2016.[11]

Also, in 2014, the first Cheesecake Factory in Mexico opened its doors in Guadalajara.[10]

As of May 2018, the Cheesecake Factory has eleven restaurants in the Middle East: four in Dubai (Dubai Mall, Mall of Emirates, Jumeirah Beach Residence and Dubai Festival City Mall), three in Kuwait (Arabella, Sidra, and Avenues Mall—which was the 160th Cheesecake Factory opening),[12] two in Saudi Arabia (Riyadh and Jeddah), and lastly one in the Yas Mall and one in The Galleria in Abu Dhabi.[13] On December 1, 2015, the Cheesecake Factory opened its eighth Middle East branch at the Verdun Shopping Center in Beirut, Lebanon. Many of the Cheesecake Factory management attended the opening, including managers from the US and Dubai. The Cheesecake Factory also made its first appearance in Doha, Qatar by opening in the Mall of Qatar and further opened two more branches in Villaggio and Doha Festival City.

There are Cheesecake Factories in Parque Delta and Centro Santa Fe, Mexico City.[14]

On April 12, 2017, the company announced it would expand into Canada.[15] In November 2017, the first Canadian location opened at Yorkdale Shopping Centre in Toronto, Ontario.[16][17]

In May 2017, a Hong Kong store opened in Harbour City, Tsim Sha Tsui.[18]

As of the end of 2021, the Cheesecake Factory is open for business in UAE, Kuwait, Saudi Arabia, Qatar, Bahrain, Mexico, the Chinese Mainland, and the Special Administrative Regions of Hong Kong and Macau.

On December 4, 2020, the U.S. Securities and Exchange Commission resolved charges brought against the Cheesecake Factory for misleading investors during the COVID-19 pandemic; the company paid a $125,000 fine without admitting the findings in the order.[19][20]

Other restaurants

The Cheesecake Factory Bakery Cafe operates two bakery production facilities in Calabasas Hills, California, and Rocky Mount, North Carolina, and licenses two bakery-based menus to other food service operators. This division operates in North America, Europe, Asia and the Middle East. The Cheesecake Factory Bakery has appointed Schengen Desserts B.V. as their master distributor for UK and Europe.

Grand Lux Cafe

The Grand Lux Cafe in The Colonnade Outlets at Sawgrass Mills in Sunrise, Florida, in February 2022

David Overton designed the Grand Lux Cafe, an upscale restaurant for The Venetian hotel and casino in Las Vegas.[21] The restaurant is modeled after Italian, French, and Austrian styles. The Cafe offers, in addition to American and European-style food, Thai, Malaysian, Caribbean cuisine, and others. The Cheesecake Factory operates fourteen Grand Lux Cafe restaurants located in Florida, Georgia, Illinois, Nevada, New Jersey, New York, Pennsylvania, and Texas.

Each Grand Lux Cafe features an on-site bakery that produces a selection of signature bake-to-order desserts (up to 30 minutes) and a full-service craft bar.

RockSugar Southeast Asian Kitchen

RockSugar Southeast Asian Kitchen was a contemporary Asian-fusion restaurant that opened on June 19, 2008, at Century City in Los Angeles. David Overton excluded Chinese and Japanese cuisines from the menu, as these are served at the Grand Lux and Cheesecake Factory restaurants. It closed on December 31, 2020, at least in part to the COVID-19 pandemic.[22] A second location opened in Oakbrook, IL in November 2017,[23] but closed in December 2019.[24]

Fox Restaurant Concepts

On July 31, 2019, the Cheesecake Factory announced it had reached an agreement to buy Phoenix-based Fox Restaurant Concepts (FRC) for $308 million in cash at closing and another $45 million due over the next four years.[25] FRC started in 1998 when 21-year-old founder Sam Fox launched his first restaurant concept Wildflower (unrelated to another Arizona restaurant Wildflower Bread Company) and has since launched additional restaurants in differing categories including North Italia, a specialty restaurant known for pasta, pizza, and other Italian foods. North Italia alone currently has locations in Arizona, California, Colorado, Florida, Kansas, Nevada, North Carolina, Pennsylvania, Tennessee, Texas, Virginia, and Washington, D.C. Other concepts from the FRC portfolio include: Flower Child, Culinary Dropout, Blanco, The Henry, Zinburger, The Arrogant Butcher, Doughbird, The Green House, Olive & Ivy, and The Rocket.

The Cheesecake Factory's Miso Salmon

The Cheesecake Factory dining menu includes steaks, chops, burgers, chicken, seafood, sandwiches, pasta, soups, and salads in various cuisines. In addition to its regular dining menu, the company offers a lower-calorie menu that includes salads, burgers, sandwiches, and small plates.[26] The brunch menu is offered on Saturdays and Sundays and includes pancakes, waffles, French toast, and eggs. [27]

The dessert menu offers 35 cheesecake flavors and cakes, milkshakes, and specialty and ice cream desserts.[26]

The more than 250 menu items are all made from scratch to order.[28][29]

Caloric content

The Cheesecake Factory has been criticized for featuring large servings of high-calorie and high-fat foods and a lack of healthy menu options. For these reasons, the chain was dubbed the "worst family restaurant in America" for 2010 by Men's Health magazine.[30] The average sandwich at the restaurant contains 1,400 calories.[31] In 2013, the Center for Science in the Public Interest gave a better understanding toward some of the food found at the Cheesecake Factory, including the "Crispy Chicken Costoletta" that has more calories (2,610) than a 12-piece bucket of fried chicken from KFC and the Cheesecake Factory's "Bistro Shrimp Pasta" dish, which had more calories than any other entrée from a national chain restaurant at 3,120 calories, with 89 grams of saturated fat.[32] The United States Department of Agriculture's Center for Nutrition Policy and Promotion states in its dietary guidelines that a typical female adult should consume about 2,000 calories (males 2,500)[33] and no more than 10% of saturated fat per day.[34] In an attempt to offer healthier, lower-calorie meal options, the Cheesecake Factory created a "Skinnylicious" menu that features a variety of cocktails, salads, appetizers, and specialty dishes such as lemon-garlic shrimp and grilled salmon.[35]

COVID-19 pandemic

On March 18, 2020, Overton informed his landlords that his restaurants would be unable to pay rent for April due to significant financial losses as a result of the COVID-19 pandemic, but will resume paying rent as soon as possible and the restaurants reopened after the COVID-19 pandemic in 2020.[36]

See also

References

  1. ^ Ruggless, Ron (Feb 23, 2019). "Cheesecake Factory's fast-casual spinoff set to open". Nation's Restaurant News. Archived from the original on March 2, 2022. Retrieved March 19, 2019.
  2. ^ "US SEC: 2019 Form 10-K The Cheesecake Factory Incorporated". U.S. Securities and Exchange Commission. March 12, 2020. Archived from the original on June 15, 2020. Retrieved Jun 15, 2020.
  3. ^ ""What Is The Cheesecake Factory?" About Page on the company's website". Cheesecakefactory.com. Archived from the original on 2008-07-08. Retrieved 2010-04-17.
  4. ^ Jessica Snouwaert. "The 25 best companies to work for, based on employee satisfaction". Business Insider. Archived from the original on December 2, 2020. Retrieved April 1, 2020.
  5. ^ a b "Five decades of cheesecake: A history". The Cheesecake Factory. Archived from the original on 3 November 2005. Retrieved 17 March 2022.
  6. ^ a b c d "History of The Cheesecake Factory". Funding Universe. Archived from the original on 15 October 2020. Retrieved 16 August 2012.
  7. ^ "The Cheesecake Factory Restaurant Locations". Archived from the original on 20 September 2014. Retrieved 20 September 2014.
  8. ^ "The Cheesecake Factory abrirá en Plaza Las Américas en el 2013 - Plaza Las Americas Shopping Center - San Juan, Puerto Rico". Plaza Las Americas. 18 December 2012. Archived from the original on 15 June 2013. Retrieved 20 September 2014.
  9. ^ Zanolla, Leah (26 March 2008). "Cheesecake Factory Express Leaving Downtown Disney". Archived from the original on 21 February 2014. Retrieved 7 January 2012.
  10. ^ a b "Welcome to The Cheesecake Factory - Learn About Us". www.thecheesecakefactory.com. Retrieved 2022-10-26.
  11. ^ Jennings, Lisa (May 20, 2014). "The Cheesecake Factory to expand to Asia". Nation's Restaurant News. Archived from the original on May 22, 2014.
  12. ^ Kowitt, Beth (February 12, 2013). "M.H. Alshaya: The mystery company importing Americana to the Mideast". Fortune. Archived from the original on August 13, 2020. Retrieved July 7, 2019.
  13. ^ Kowitt, Beth (February 25, 2013). "The Mystery Company Importing Americana to the Mideast". Fortune. 167 (3): 90–96.
  14. ^ "Bienvenido a The Cheesecake Factory". thecheesecakefactory.com.mx. TCF Co. LLC. Archived from the original on 21 July 2017.
  15. ^ Farooqui, Salmaan (17 November 2017). "Not a piece of cake". The Globe and Mail. Archived from the original on 21 November 2017. Retrieved 22 November 2017.
  16. ^ Ipsum, Liora (April 12, 2017). "The Cheesecake Factory is opening a Toronto location this fall". dailyhive.com. Archived from the original on April 13, 2017. Retrieved April 12, 2017.
  17. ^ Yorkdale Style [@YorkdaleStyle] (July 13, 2017). "The Cheescake Factory will be opening on November 21st 2017! Check http://Yorkdale.com for updates!" (Tweet) – via Twitter.
  18. ^ Chan, Bernice (2 May 2017). "So is Cheesecake Factory Hong Kong's food worth the wait?". South China Morning Post. Archived from the original on 7 January 2019. Retrieved 7 January 2019.
  19. ^ "SEC Charges The Cheesecake Factory For Misleading COVID-19 Disclosures". U.S. Securities and Exchange Commission (Press release). December 4, 2020. Archived from the original on February 5, 2021. Retrieved December 4, 2020.
  20. ^ "Administrative Proceeding File No. 3-20158" (PDF). U.S. Securities and Exchange Commission. December 4, 2020. Archived (PDF) from the original on December 4, 2020. Retrieved December 4, 2020.
  21. ^ "Questions for ... Cheesecake Factory's David Overton". Fortune. Archived from the original on 2018-03-06. Retrieved 2018-03-05.
  22. ^ "Gloriously Gaudy 12-Year Mall Mainstay RockSugar Southeast Asian Kitchen Has Closed". 13 January 2021.
  23. ^ Dolinsky, Steve (2018-02-03). "L.A.-based RockSugar opens Oak Brook location". ABC7 Chicago. Archived from the original on 2018-03-06. Retrieved 2018-03-05.
  24. ^ Fieldman, Chuck (2019-12-06). "RockSugar Southeast Asian Kitchen closing Oakbrook Center restaurant". Chicago Tribune. Archived from the original on 2020-03-03. Retrieved 2020-03-16.
  25. ^ "Cheesecake Factory buying Phoenix-based Fox restaurant empire". KTAR.com. 2019-07-31. Archived from the original on 2019-08-01. Retrieved 2019-08-01.
  26. ^ a b "Nutritional Guide" (PDF). The Cheesecake Factory. Archived (PDF) from the original on 18 March 2021. Retrieved 3 June 2021.
  27. ^ "Saturday & Sunday Brunch". The Cheesecake Factory. Archived from the original on 3 June 2021. Retrieved 3 June 2021.
  28. ^ Renae, Kirstie (May 7, 2021). "I used to work at The Cheesecake Factory. Here are 13 things that surprised me about my job". Insider. Archived from the original on March 2, 2022. Retrieved June 3, 2021.
  29. ^ Jackson, Katie (May 19, 2019). "9 surprising facts about The Cheesecake Factory". TODAY. Archived from the original on June 3, 2021. Retrieved June 3, 2021.
  30. ^ Zinczenko, David (2010-11-19). "America's Best—and Worst!—Family Restaurants". Health.yahoo.net. Archived from the original on 2011-07-16. Retrieved 2011-06-25.
  31. ^ HealthiNation (2010-12-10). "Worst Foods in America, 2010". Health.yahoo.net. Archived from the original on 2011-07-16. Retrieved 2011-06-25.
  32. ^ "Xtreme Eating 2013: Extremism Running Amok at America's Restaurant Chains". 16 January 2013. Archived from the original on 6 September 2014. Retrieved 20 September 2014.
  33. ^ "Dietary Guidelines 2015-2020, Appendix 2. Estimated Calorie Needs per Day, by Age, Sex, and Physical Activity Level". The Office of Disease Prevention and Health Promotion. Archived from the original on 13 October 2016. Retrieved 13 October 2016.
  34. ^ "Dietary Guidelines 2015-2020". The Office of Disease Prevention and Health Promotion. Archived from the original on 7 January 2020. Retrieved 13 October 2016.
  35. ^ "Cheesecake Factory 'SkinnyLicious' menu cuts calories - USATODAY.com". USATODAY.COM. Archived from the original on 2015-08-18. Retrieved 2016-03-25.
  36. ^ "The Cheesecake Factory Tells Landlords Across the Country It Won't Be Able to Pay Rent on April 1" Archived 2021-01-29 at the Wayback Machine by Matthew Kang Eater Los Angeles March 25, 2020; retrieved March 28, 2020
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