20.7 C
Washington

41 Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s locations shut down – most with little warning

Date:

Share:



Bloomin’ Brands, the owner of Outback Steakhouse and several other well-known restaurant chains, has shut the doors on 41 locations.

The company, on an earnings call, surprised investors with news of the permanent closures of select Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s locations. Some 33 of the 41 closings took place last Friday.

“We periodically review our asset base and, in our latest review, we made the decision to close 41 underperforming locations,” CEO David Deno said during the call. “The majority of these restaurants were older assets with leases from the ‘90s and early 2000s.”

The shutdowns came as a result of a variety of factors, ranging from sales and traffic to the cost of necessary improvements. Deno said the move was not a sign of weakness for the company and Bloomin’ Brands plans to open between 40 and 45 new restaurants before the end of the year.  

The company did not give a list of the closed locations, but among the closures was every Outback Steakhouse in Hawaii and Bonefish Grill locations in New Jersey and Virginia. Employees have said they received no warning about the closures.

It was something of a mixed quarter earnings-wise for Bloomin’. Sales at Outback were down 0.3% and fell 3% at Bonefish. Carrabba’s, however, saw same-store sales increase by 2.5%.

At the end of last year, Bloomin’ had 1,480 restaurants in its portfolio. Among those were 688 U.S.-based Outback Steakhouses, 217 Carrabba’s Italian Grills, 176 Bonefish Grills and 64 Fleming’s Prime Steakhouse & Wine Bars. Another 330 locations of those chains were located internationally.

Subscribe to the new Fortune CEO Weekly Europe newsletter to get corner office insights on the biggest business stories in Europe. Sign up for free.



Source link

Subscribe to our magazine

━ more like this

Nike’s boss says remote work was hurting innovation, so the company realigned and is ‘ruthlessly’ focused on building a disruptive pipeline

Nike CEO John Donahoe is the latest corporate boss to weigh in on working from home or working in person, and his verdict...

Blackmagic Design releases a DaVinci Resolve editing panel for iPads

At 14.33 inches by 7.18 inches, the Micro Color Panel is about the size of a computer keyboard. It has an iPad Pro...

House Speaker Mike Johnson says he will push for aid to Israel and Ukraine this week

 House Speaker Mike Johnson said Sunday he will try to advance wartime aid for Israel this week as he attempts the difficult task of winning...

Record-high gold prices trigger a flood of selling. ‘People are using gold as an ATM they never had’

Investors and metals traders can’t agree on what exactly is behind gold’s recent rally. At King Gold & Pawn in Brooklyn, the customers don’t care. They...

Israel-Iran conflict adds to Fed’s caution on rate cuts as oil prices may disrupt inflation fight—but China and OPEC+ could ease pressure, Capital Economics...

Increased tension in the Middle East following Iran’s attack on Israel likely gives the Federal Reserve even more cause to go slow on...