No one is policing corporate America, and white-collar crime is on the rise. What comes next could be a full-scale financial meltdown.
The coronavirus pandemic hit the Cheesecake Factory hard. Like millions of restaurants, the company watched as most of its business disappeared overnight. By April 2020 the chain with over 220 restaurants and 46,000 employees was near death. The company was losing $6 million a week with just 16 weeks of cash on hand. Cheesecake Factory informed its landlords that it would not pay rent that month, and management went begging to private equity for a cash infusion that could save the company.
But…
