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Bloomin' Brands, the Tampa-based parent company of Outback and Carrabba's, says it will close 41 underperforming stores — even as the firm eyes adding another 40-45 stores in 2024.
"We periodically review our asset base and in our latest review we made the decision to close 41 underperforming locations," Bloomin' Brands CEO David Deno said on a Friday investor call that went over 2023 financial numbers. "The majority of these restaurants were older assets with leases from the '90s and early 2000s."
Deno says the decision considered a variety of factors, including sales, traffic and the investments that would have to be made to improve the restaurants. Bloomin' Brands did not entirely specify which stores would be closed, but it named at least two international units of Aussie Grill.
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