Bloomin' Brands Closing 41 Restaurants Across Portfolio

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Bloomin' Brands Closing 41 Restaurants Across Portfolio (Read More)

Bloomin’ Brands Inc. Shuts 41 Restaurants Amid Strategic Review

Strategic Restaurant Closure: Bloomin’ Brands Inc., the parent company of Outback Steakhouse, Bonefish Grill, Fleming’s, and Carrabba’s Italian Grill, decided to close 41 underperforming locations to enhance the portfolio.

• Asset Base Evaluation: Older restaurants with leases from the ‘90s and 2000s were the focus.

• Variety of Factors Considered: Sales, traffic-trade areas, and required investments played a role in the decision.

• Confidence in Portfolio: Despite closures, the company plans to open 40 to 45 new restaurants in 2024.

Marketing Reinforcement: A $20 million increase in marketing spend aims to attract customers with a mix of TV and digital advertising.

• Consumer Spending Awareness: Adjusted pricing strategies and value offers align with consumer spending behaviors.

• Off-Premises Focus: Emphasis on off-premises sales with success seen in catering and to-go orders.

• Financial Performance Highlights: Decrease in net income compared to the previous year, while revenues rose in the fourth quarter.

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• CrossAmerica and Applegreen end lease agreements after six years In a strategic move, CrossAmerica and Applegreen are terminating their lease agreements, which began in 2018 with the aim of long-term investment. This decision follows CrossAmerica's earlier acquisitions and marks a significant shift in their partnership landscape. Applegreen, based in Dublin, operates over 200 U.S. convenience stores, while CrossAmerica manages more than 250 stores across 10 states. (Read More)

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