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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  May 27, 2020

 

THE CHEESECAKE FACTORY INCORPORATED

(Exact name of registrant as specified in its charter)

 

Delaware   0-20574   51-0340466
(State or other jurisdiction   (Commission   (IRS Employer
of incorporation)   File Number)   Identification No.)

 

26901 Malibu Hills Road
Calabasas Hills, California
  91301
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code (818) 871-3000

 

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

Title of each class:   Trading Symbol(s)   Name of each exchange on which registered:
Common Stock, par value $.01 per share   CAKE   Nasdaq Stock Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

  

 

 

 

 

ITEM 5.07SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

 

Results of the 2020 Stockholders’ Annual Meeting.

 

The final results of the vote taken for each proposal presented at the annual meeting of stockholders held on May 28, 2020 are as follows:

 

Proposal 1: Election of Directors.

 

Name  For  Against  Abstain  Broker Non-Votes
David Overton  32,924,321  658,160  136,118  6,825,535
Edie A. Ames  33,173,157  407,156  138,286  6,825,535
Alexander L. Cappello  32,695,897  884,695  138,007  6,825,535
Jerome I. Kransdorf  31,781,731  1,798,463  138,405  6,825,535
Janice L. Meyer  33,301,058  276,009  141,532  6,825,535
Laurence B. Mindel  32,965,438  617,599  135,562  6,825,535
David B. Pittaway  32,922,667  657,537  138,395  6,825,535
Herbert Simon  32,972,676  607,750  138,173  6,825,535

 

Proposal 2: Ratification of Selection of Independent Registered Public Accounting Firm for Fiscal Year 2020.

 

For  Against  Abstain  Broker Non-Votes
40,297,814  140,450  105,870  0

 

Proposal 3: Non-Binding Advisory Vote on Executive Compensation.

 

For  Against  Abstain  Broker Non-Votes
31,976,347  1,602,246  140,006  6,825,535

 

ITEM 7.01REGULATION FD DISCLOSURE

 

The following information under Item 7.01 “Regulation FD Disclosure” is intended to be furnished. This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, regardless of any general incorporation language in the filing.

 

In a press release dated June 2, 2020, a copy of which is furnished as Exhibit 99.1 to this report, The Cheesecake Factory Incorporated (the “Company”) provided a business update given the ongoing COVID-19 pandemic.

 

ITEM 8.01OTHER EVENTS

 

Election of Lead Director

 

Mr. Jerry Kransdorf’s term as Lead Director of the Board was scheduled to expire at the 2020 annual meeting of stockholders. On May 27, 2020, subject to his re-election as a director by the Company’s stockholders at the 2020 annual meeting of stockholders, the independent directors of the Company re-elected Mr. Kransdorf as Lead Director of the Board, to serve in that capacity until the 2021 annual meeting of stockholders or his successor has been elected.

 

ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS

 

(d)Exhibits

 

99.1 Press release dated June 2, 2020 entitled “The Cheesecake Factory Provides Business Update”
104.1 Cover Page Interactive Data File (embedded within the inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date:  June 2, 2020 THE CHEESECAKE FACTORY INCORPORATED
   
 

By:  

/s/ Matthew E. Clark

    Matthew E. Clark
    Executive Vice President and Chief Financial Officer

 

 

 

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

THE CHEESECAKE FACTORY PROVIDES BUSINESS UPDATE

 

CALABASAS HILLS, Calif., – June 2, 2020 – The Cheesecake Factory Incorporated (NASDAQ: CAKE) today provided a business update given the ongoing COVID-19 pandemic.

 

The Company began to reopen dining rooms across its concepts the second week of May. As of today, approximately 25% of the Company’s restaurants across its concepts, including 34 Cheesecake Factory restaurants, have reopened dining rooms with limited capacity in accordance with local mandates.

 

The reopened Cheesecake Factory restaurants have recaptured, on average, approximately 75% of prior year sales levels, reflecting continued strength in off-premise sales and building dine-in business. For The Cheesecake Factory restaurants that are continuing to operate an off-premise only model at present, current weekly off-premise sales would equate to nearly $4 million per unit on an annualized basis, on average. Fiscal second quarter to-date through May 31, 2020 comparable sales at The Cheesecake Factory restaurants are down approximately 63%, including the impact of 87 full or partial closures due to demonstrations across the United States this past weekend.

 

The Company expects to have approximately 65% of dining rooms across its concepts that closed due to COVID-19 reopened with limited capacity by mid-June, including an anticipated 124 Cheesecake Factory restaurants, subject to any closures due to further demonstrations and other factors related to the ongoing COVID-19 pandemic.

 

About The Cheesecake Factory Incorporated

 

The Cheesecake Factory Incorporated is a leader in experiential dining. We are culinary forward and relentlessly focused on hospitality. Delicious, memorable experiences created by passionate people – this defines who we are and where we are going. We currently own and operate 294 restaurants throughout the United States and Canada under brands including The Cheesecake Factory®, North Italia® and a collection within the Fox Restaurant Concepts subsidiary. Internationally, 26 The Cheesecake Factory® restaurants operate under licensing agreements. Our bakery division operates two facilities that produce quality cheesecakes and other baked products for our restaurants, international licensees and third-party bakery customers. In 2020, we were named to the FORTUNE Magazine “100 Best Companies to Work For®” list for the seventh consecutive year. To learn more, visit www.thecheesecakefactory.com, www.northitalia.com and www.foxrc.com.

 

From FORTUNE. ©2020 Fortune Media IP Limited. FORTUNE 100 Best Companies to Work For is a trademark of Fortune Media IP Limited and is used under license. FORTUNE and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, Licensee.

 

 

26901 Malibu Hills Road, Calabasas Hills, CA 91301 · Telephone (818) 871-3000 · Fax (818) 871-3100

 

 

 

 

Safe Harbor Statement

 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as codified in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, without limitation, statements regarding second quarter to-date comparable restaurant sales, continued strength in off-premise sales, building dine-in business, annualized off-premise sales per unit and restaurant dining room reopening plans. Such forward-looking statements include all other statements that are not historical facts, as well as statements that are preceded by, followed by or that include words or phrases such as “believe,” “plan,” “will likely result,” “expect,” “intend,” “will continue,” “is anticipated,” “estimate,” “project,” “may,” “could,” “would,” “should” and similar expressions. These statements are based on current expectations and involve risks and uncertainties which may cause results to differ materially from those set forth in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. These forward-looking statements may be affected by various factors including: the rapidly evolving nature of the COVID-19 outbreak and related containment measures, including the potential for a complete shutdown of the Company’s restaurants, international licensee restaurants and the Company’s bakery operations; demonstrations and potential damage to or closure of the Company’s restaurants; political unrest and potential reputational damage to the Company or any of its brands; economic, public health and political conditions that impact consumer confidence and spending, including the impact of COVID-19 and other health epidemics or pandemics on the global economy; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of North Italia and the Fox Restaurant Concepts restaurants; the risks of doing business abroad through Company-owned restaurants and/or licensees; foreign exchange rates, tariffs and cross border taxation; changes in unemployment rates; changes in laws impacting the Company’s business, including laws and regulations related to COVID-19 impacting restaurant operations and customer access to off-and on-premise dining; increases in minimum wages and benefit costs; the economic health of the Company’s landlords and other tenants in retail centers in which its restaurants are located, and the Company’s ability to successfully continue its lease arrangements with landlords; unanticipated costs that may arise due to a return to normal course of business including potential negative impacts from furlough actions; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to the Company; compliance with debt covenants; adverse weather conditions in regions in which the Company’s restaurants are located; factors that are under the control of government agencies, landlords and other third parties; the risk, costs and uncertainties associated with opening new restaurants; and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements speak only as of the dates on which they are made and the Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by law. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC, which are available at www.sec.gov.

 

Contacts:

Investors

The Cheesecake Factory Incorporated

Stacy Feit

(818) 871-3000

investorrelations@thecheesecakefactory.com

 

Media

Berk Communications

Marisa Carstens

(917) 328-4725

cheesecake@berkcommunications.com

 

 

26901 Malibu Hills Road, Calabasas Hills, CA 91301 · Telephone (818) 871-3000 · Fax (818) 871-3100

 

 

 

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