The popular Outback Steakhouse, owned by Bloomin' Brands, managed to close 21 underperforming restaurants and shared plans to let the leases on 22 more locations expire over the next couple of years.
The firm is said to be busy implementing a $75 million turnaround strategy to upgrade menus and modernize the whole brand. So far, the closure of 21 underperforming locations has been noted and shut down immediately.
Leases for 22 more, including the famous Carrabba's Italian Grill and Bonefish Grill, would not be renewed anymore as they expire over the next four years.
Bloomin' Brands is opting to pause all shareholder dividends to invest in an Outback restaurant reboot. The brand is said to be focusing on resources to ensure healthier, profitable locations, and also revamp the execution and menu simultaneously.