Overview
- An earnings filing confirms 21 Outback Steakhouse closures in October and a decision not to renew 22 additional leases over the next four years.
- Bloomin’ Brands will record about $33 million in impairment charges tied to the moves and has suspended its shareholder dividend to fund the plan.
- Executives describe a comprehensive turnaround focused on service upgrades, expanded remodels, menu simplification, and an emphasis on steak quality.
- Outback’s comparable sales rose 0.4% in the quarter with stable traffic, trailing stronger gains reported by LongHorn Steakhouse and Texas Roadhouse.
- Some closures also involve Bonefish Grill and Carrabba’s Italian Grill locations, and the company has not released a list of affected restaurants.