Carrabba's, Outback, Bonefish, and Flemings potentially on the cutting board
Approximately 40 “underperforming” Carrabba’s, Outback, Bonefish Grill and Flemings restaurants will be closing by the end of 2017, according to the owner.
Bloomin’ Brands Inc. said it will close 43 restaurants across the country, but has not yet identified the locations to be closed.
"Although 2016 was a challenging year for both Bloomin' Brands and the industry, we made real progress on our strategy to reallocate spending away from discounting toward investments to strengthen brand health, " said Liz Smith, CEO. "We are pleased with how our brands are performing so far in 2017, particularly at Outback where we believe our investments are beginning to gain traction."
The company reported sales were down by 3.5% during the 4th Quarter of 2016 and 1.9% for all of 2016. The company recorded a net loss of $4.3 million, or 4 cents per share, down from a profit of $17.7 million in the same period a year ago.
Bloomin' Brands, Inc. is one of the largest casual dining restaurant companies in the world. The company has four brands: Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill and Fleming's Prime Steakhouse & Wine Bar. They operate approximately 1,500 restaurants in 48 states, Puerto Rico, Guam and 20 countries, some of which are franchise locations.