“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.
About the Author