Bloomin’ Brands—which owns Outback Steakhouse, Carraba’s, Bonefish Grill and Fleming’s Steakhouse—will close 43 locations after reporting rocky fourth-quarter earnings.
The company owns more than 1,500 restaurants, but sales have slipped significantly at Outback, Carraba’s and Bonefish.
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Bloomin’ Brands’ chief executive, Liz Smith, said in a statement:
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.
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.
The statement came as part of an earnings call that included the news that Bloomin’ Brands had recorded a net loss of $4.3 million in last year’s fourth quarter. That’s down from a $17.7 million profit the same time a year ago.
Analysts are blaming the losses on shifting consumer sentiment toward casual dining. They’re opting for at-home meals and fast casual options.
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