Bloomin’ Brands revealed in an earnings last week that it closed 41 “underperforming locations” across the brands it owns, including Carrabba’s Italian Grill, Bonefish Grill and Fleming’s. may be surprised to see their local restaurant permanently closed after the chain’s parent company abruptly shut down dozens of locations around the US.
Bloomin’ Brands revealed in an earnings call last week that it closed 41 “underperforming locations” across the brands it owns, including Carrabba’s Italian Grill, Bonefish Grill and Fleming’s.Bloomin’ said it closed the locations because of a “variety of factors,” including sales, shrinking customer traffic and financial investments that were too costly to improve the locations.
However, Outback said it plans to open as many as 18 new restaurants in the US this year, reflecting aSales in the fourth quarter at Outback struggled, sliding 0.3%, as well as at Bonefish, which fell 3%. Carrabba’s was actually a bright spot, with same-store sales up 2.5%. The stock price for Bloomin’ rose more than 6% in the past five days, topping $28 at one point.
In total, Bloomin’ plans to open as many as 45 restaurants across all of its brands in the coming year.
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