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The Cheesecake Factory Incorporated
today announced that it
has entered into an exclusive licensing agreement with Hong Kong-based Maxim's
Caterers Limited, a diversified operator of full-service and quick-service
restaurants, as well as bakery and coffee shops, in Asia, to build and operate
The Cheesecake Factory® restaurants. The agreement provides for the
development of a minimum of 14 restaurants over the next 10 years in Hong
Kong, Macau, Taiwan and the People's Republic of China, with the opportunity
to expand to Japan, South Korea, Malaysia, Singapore and Thailand. The first
restaurant is expected to open in fiscal 2015.
“Our brand has experienced a tremendous level of success outside of the U.S.A.
and we are excited to announce another step forward in our global expansion
efforts. Our strategy of entering into license agreements with highly
qualified, experienced restaurant operators that have broad geographic
capabilities is proving to be an excellent way to expand our complex, high
volume concept internationally. The agreement with Maxim's provides an
incredible opportunity for us to develop in Asia with an established,
multi-unit restaurant operator that has nearly 60 years of operating
experience in the region,” said David Overton, Chairman and CEO.
“International expansion will become an increasingly meaningful driver to
achieving our goal of delivering mid-teens earnings per share growth over time
as the number of restaurants operated by our licensees gradually increases.
Together with our ongoing development of Company-owned restaurants and
consistent increases in sales from our existing base of restaurants, we are
poised to continue to deliver high-quality and dependable financial
performance for many years to come,” concluded Overton.
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