Bonefish Grill owner closing dozens of restaurants
Bloomin’ Brands – the owner of fast-casual seafood restaurant chain Bonefish Grill and other foodservice hotpots including Outback, Carrabba's and Flemings — announced on 15 February that it plans on closing 43 underperforming restaurants in 2017.
As a result of the decision, the company expects to incur charges between USD 16 million (EUR 15.1 million) and USD 19 million (EUR 17.9 million) in fiscal year 2017, mostly within the first quarter. The company shuttered three of its restaurants in the fourth quarter of 2016, according to its latest Q4 earnings report. Despite challenges last year for the company and the industry at large, prospects for 2017 remain promising.
"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, Bloomin' Brands 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."
Overall, Bloomin’ Brands operates around 1,500 restaurants across the United States, as well as 20 locations internationally.
Bonefish restaurants that were shuttered last year include two in Newington and South Windsor, Connecticut and one in Middletown, New Jersey.