Bloomin’ Brands implements turnaround strategy, closes 21 U.S. restaurants

The company said, “We are implementing a comprehensive turnaround strategy, with a key focus on Outback Steakhouse, to drive long-term sustainable and profitable growth. This strategy is based on four key platforms, including: Deliver a Remarkable Dine-In Experience: focus on operational excellence with center of the plate quality and service enhancements to deliver an exceptional guest experience, which will drive in-restaurant traffic growth. Drive Brand Relevancy: expand brand reach to recruit new guests and increase frequency of visits. Reignite a Culture of Ownership and Fun: reinvest in our people and strengthen our Principles & Beliefs-based culture which will drive an enhanced guest experience. Invest in Our Restaurants: refresh our existing asset base to ensure restaurants are updated and reflect brand standards. These platforms will be supported by: Non-Guest Facing Productivity Savings: we are focused on cost savings in areas that will not impact the guest, such as indirect spend and contract negotiations. Balanced Capital Allocation: we have a dual approach to invest in the base business and focus on debt paydown. To support the objectives, we suspended the dividend. Strong Management Team: we have the right team in place to lead our brands through our turnaround initiatives, centered on an operational mindset and guest centricity. Additionally, in support of our turnaround strategy, during the thirteen and thirty-nine weeks ended September 28, 2025, we made the decision to close 21 U.S. restaurants and not renew the leases of 22 U.S. restaurants, the majority of which expire over the next four years. Including the impacts of these closures, we recognized asset impairments and net closure charges of $33.2M during Q3 2025. The closures of the 21 U.S. restaurants were completed during October 2025 with an estimated $5M to $7M of related severance and closure charges to be recorded during the thirteen weeks ended December 28, 2025.”