Like a lot of bands are doing I would imagine that he his holding on to it until the current pandemic is under control some more. There's no point putting a load of work into an album and then releasing it without being able to properly promote it and tour it.

An artist like Richie isn't going to have the same opportunities that Bon Jovi or the other huge bands are going to have to promote a new album. So his management and label are probably, and rightfully, advising him to wait a while.

He's apprently signed to BMG, according to the recent Daily Mail article, and I know for a fact that BMG have delayed a lot of albums this year until next year and have a huge backlog next year as a result.