The cake layers can be stored wrapped or covered at room temperature or refrigerated for 1-2 days. Once the cake is frosted, it should be stored in the refrigerator due to the cream cheese in the frosting. It can be eaten chilled or you can set it out on the counter for one to two hours if you prefer room temperature cake. It can also be frozen with or without the frosting for 2-3 months and thawed in the refrigerator overnight.