Bloomin’ Brands, the parent company of Outback Restaurants, is closing 41 underperforming restaurants across the U.S.
The closures were announced during a fourth-quarter earnings call, with factors such as sales, traffic, and necessary investments considered in the decision.
“This decision considered a variety of factors, including sales and traffic, trade areas and the investments that would have to be made to improve the restaurants,” Bloomin’ Brands CEO Dave Deno said.
Outback Steakhouse parent Bloomin’ Brands closing 41 restaurants. CEO David Deno says closures are part of periodic review and involve older leases from 1990s and 2000s https://t.co/u5bk8tRMUA pic.twitter.com/KrQIXsBbmL
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Most of the closures will be Outback locations, with the majority being older stores operating since the 1990s and early 2000s.
The closures are expected to cost the company approximately $100 million in revenue in 2024.
Despite this, Bloomin’ Brands plans to open up to 45 new restaurants in the U.S. this year.
