All articles tagged with #bloomin brands
Outback Steakhouse is closing over 40 locations as part of a financial turnaround plan by parent company Bloomin' Brands, which includes cost-cutting, debt reduction, and improving customer experience, amidst a broader trend of restaurant closures nationwide.
Outback Steakhouse closed 21 restaurants in October and plans to close more over the next four years as part of a $75 million turnaround strategy, including renovations and menu updates, to improve its competitiveness amid declining sales and changing consumer preferences.
Bloomin' Brands, the parent company of Outback Steakhouse, has closed 41 restaurants across its brands, citing below-average business as the reason. The closures affect locations in several states, with affected employees being offered the opportunity to transfer to other restaurants or receive severance. Despite the closures, the company plans to open between 40 and 45 new restaurants by 2024.
Delaware's only Bonefish Grill, located in Concord Mall, has closed as part of Bloomin' Brands' decision to shut down 41 underperforming restaurants. The closure, which also affected a nearby Carrabba's Italian Grill, was attributed to a review of older assets with leases from the ‘90s and early 2000s. Despite opening in 2014, the Bonefish Grill location did not fit this description. The mall has faced challenges retaining tenants amid revitalization efforts, with the closure leaving the nearest Bonefish Grill and Carrabba's locations in Pennsylvania.
The Outback Steakhouse on South Tamiami Trail in Sarasota, a once-popular restaurant with deep ties to the Tampa Bay area, has permanently closed as part of Bloomin' Brands' decision to shut down 41 underperforming locations. The closure, affecting older assets with leases from the '90s and early 2000s, was announced by Bloomin' Brands CEO David Deno. While some employees may have the opportunity to transfer, others will receive a severance package. Despite this initiative, Bloomin' Brands plans to open 40 to 45 new restaurants across the system in 2024.
Bloomin' Brands, the owner of Outback Steakhouse and other restaurant chains, has closed 41 locations, citing underperformance and the need for improvements. The closures include Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s locations, with employees receiving no prior warning. Despite the shutdowns, the company plans to open 40-45 new restaurants by year-end and emphasizes that the move is not a sign of weakness.
Bloomin’ Brands, the parent company of Outback Steakhouse, Carrabba’s, Bonefish Grill, and Fleming’s Prime Steakhouse and Wine Bar, has announced the closure of 41 underperforming restaurants due to slowing sales and shrinking customer traffic. The closures will affect locations across the United States, with some already shuttered, and employees will have the opportunity to transfer to open positions at other restaurants or receive severance. Despite the closures, the company plans to open new restaurants with redesigned layouts in the coming year.
Bloomin' Brands, the parent company of Outback Steakhouse, Bonefish Grill, Carrabba’s Italian Grill, and Fleming’s, is closing 41 underperforming locations across the country, citing older leases as a contributing factor. The closures include all Outback Steakhouse restaurants in Hawaii, Bonefish Grill locations in New Jersey and Virginia, and three Carrabba’s Italian Grill locations in New York. The company reported fourth-quarter earnings of $43.3 million.
Bloomin' Brands, the parent company of Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s, has closed 41 underperforming locations across its brands due to factors such as sales, declining customer traffic, and costly investments. The closures primarily affected Outback Steakhouses, with 33 restaurants shutting down on Friday. Despite this, the company plans to open up to 18 new restaurants in the US this year, reflecting a redesigned layout. Sales at Outback and Bonefish struggled in the fourth quarter, while Carrabba’s saw an increase. Bloomin' Brands' stock price rose more than 6% in the past five days, and the company plans to open up to 45 new restaurants across its brands in the coming year.
Bloomin' Brands, the parent company of Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s, has closed 41 underperforming locations across its brands due to factors such as sales, declining customer traffic, and costly investments. The closures primarily affected Outback Steakhouse locations, with 33 restaurants shutting down on Friday. Despite the closures, the company plans to open up to 18 new restaurants in the US this year, reflecting a redesigned layout. While sales at Outback and Bonefish struggled in the fourth quarter, Carrabba’s saw a 2.5% increase in same-store sales. Bloomin' Brands aims to open up to 45 new restaurants across all its brands in the coming year.
The Outback Steakhouse on McKnight Road in McCandless, Pennsylvania has permanently closed as part of parent company Bloomin' Brands' decision to shutter 41 underperforming locations, including other brands such as Carrabba's Italian Grill, Bonefish Grill, and Fleming's. The closures were attributed to various factors including declining sales and customer traffic, as well as the cost of improving older leased locations. Some employees may have the opportunity to transfer, while others will receive severance packages. Despite these closures, Bloomin' Brands plans to open up to 45 new restaurants across its brands in the coming year.
Bloomin' Brands, the parent company of Outback Steakhouse, has closed 41 "underperforming" restaurants across its brands, citing factors such as sales, declining customer traffic, and costly investments. The closures primarily affected Outback Steakhouse locations, with some closures also impacting Bonefish Grill and Carrabba’s Italian Grill. Despite the closures, the company plans to open up to 18 new restaurants in the US this year, reflecting a redesigned layout. Sales at Outback and Bonefish struggled in the fourth quarter, while Carrabba’s saw an increase. Bloomin' Brands' stock price rose more than 6% in the past five days, and the company plans to open as many as 45 new restaurants across all its brands in the coming year.
Outback Steakhouse closed its North Hills location in McCandless as part of a nationwide consolidation of older restaurants, with the majority of closures being older locations first opened in the late 1990s and early 2000s. The chain's spokesperson stated that it was a business decision and not a reflection of the management or staff, and some employees will have the opportunity to transfer to other nearby locations while others will receive a severance package.
Activist investor Starboard Value has purchased a 9.9% stake in Bloomin' Brands, the owner of Outback Steakhouse, causing the company's stock to rise by 7%. Bloomin' Brands has experienced slowed sales growth in recent quarters, prompting previous activist investors to push for cost-cutting measures and brand spin-offs. Starboard Value has a successful track record of turnarounds in the restaurant industry, including its involvement with Darden Restaurants and Papa John's. The specific changes Starboard plans to advocate for at Bloomin' Brands are currently unknown.