Forty “underperforming” Carrabba’s, Outback, Bonefish Grill and Flemings restaurants will be closing by the end of the year, according to the company that owns them.
Bloomin’ Brands Inc. said on Friday that it will close the restaurants located in various parts of the country. Three restaurants were closed in the last quarter of 2016.
“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, ” Liz Smith, CEO of Bloomin’ Brands, said in a statement.
Bloomin’ Brands have not yet released a list of the restaurants that are to be closed.
The chain has more than 1,500 restaurant locations. The company recorded a net loss of $4.3 million, or 4 cents per share, down from a profit of $17.7 million in the same period a year ago.