The Cheesecake Factory
#3822
Rank
$2.6B
Marketcap
United States
Country
Mr. David M. Overton (Chairman & CEO)
Mr. David M. Gordon (Pres)
Mr. Matthew Eliot Clark (Exec. VP & CFO)
Summary
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 in order 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. In 1971, David convinced his parents to relocate to Los Angeles to open a commercial bakery. 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.
California
In 1978, Evelyn's son David opened The Cheesecake Factory, a small salad-and-sandwich restaurant in Beverly Hills that sold 10 varieties of cheesecakes on a one-page menu. 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 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.
Expansion beyond Southern California
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 in the hopes of generating 25% a year increase in sales.The company began changing its menu twice a year and added items including steaks, seafood, and vegetarian dishes. The company continued to open new restaurants and by 1995 was ranked 11th in the United States. As of April 2013, The Cheesecake Factory operated 162 restaurants under The Cheesecake Factory name in 36 states. Plaza Las Américas in San Juan, Puerto Rico, opened its first Cheesecake Factory on August 28, 2013.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. was opened in 1998 and it was closed in 2017.
International expansion
The Cheesecake Factory has expanded into international markets by both licensing agreements for other companies to operate franchises, and by 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.In May 2014, The Cheesecake Factory announced that they 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.Also in 2014, the first Cheesecake Factory in Mexico opened its doors in Guadalajara.As of May 2018, The Cheesecake Factory has eleven restaurants in the Middle East: four in Dubai , three in Kuwait , two in Saudi Arabia , and lastly one in the Yas Mall and one in The Galleria in Abu Dhabi. On December 1, 2015, The Cheesecake Factory opened its eighth Middle East branch at the Verdun Shopping Center in Beirut, Lebanon. The opening was attended by many of The Cheesecake Factory management 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.On April 12, 2017, the company announced that it would be expanding into Canada. In November 2017, the first Canadian location opened at Yorkdale Shopping Centre in Toronto, Ontario.In May 2017, a Hong Kong store opened in Harbour City, Tsim Sha Tsui.
Mission
Vision
Key Team
Ms. Scarlett A. May (Exec. VP, Gen. Counsel & Sec.)
Ms. Dina R. Barmasse-Gray (Sr. VP of HR)
Mr. Keith T. Carango (Pres of The Cheesecake Factory Bakery Incorporated)
Mr. Spero Alex (Sr. VP of Operations - The Cheesecake Factory Restaurants)
Ms. Cheryl M. Slomann (Chief Accounting Officer, Sr. VP & Corp. Controller)
Mr. Etienne Marcus (VP of Fin. & Investor Relations)
Mr. Donald Evans (Chief Marketing Officer & Sr. VP)
Recognition and Awards
References
https://en.wikipedia.org/wiki/The_Cheesecake_Factory
https://in.investing.com/equities/the-cheesecake-factory
https://finance.yahoo.com/quote/CAKE/profile?p=CAKE
https://www.comparably.com/companies/the-cheesecake-factory/mission
https://www.crunchbase.com/organization/the-cheesecake-factory
https://sec.report/CIK/0000887596
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Mr. David M. Overton (Chairman & CEO)
Mr. David M. Gordon (Pres)
Mr. Matthew Eliot Clark (Exec. VP & CFO)