Tampa-based Bonefish Grill, one of the most known seafood chain will be restructuring and closing 14 restaurants after the disappointing sales result in several quarters.
Recently, the parent company of Bonefish Grill, Bloomin' Brands announced on last Thursday that they would be closing 14 restaurants, according to First Coast News.
Although no specific locations were named, yet it was announced by the company's spokesperson Elizabeth Watts that none of the brands restaurants in the greater Tampa Bay area will be closed.
"We needed to strip out the complexity that had impacted the core service at Bonefish and focus on what wasn't broken," said Bloomin' Brands CEO, Liz Smith, during an earnings call Wednesday, according to reports from Tampa Bay Times. "We've done that. It's important to look beyond quarter to quarter. We expect 2016 to be a strengthening and momentum story for Bonefish Grill as we move through the year."
Bloomin' Brands, which also owns Outback Steakhouse, Carrabba's Italian Grill, and other popular restaurant chains, saw a 5.3% drop in revenue in 2015. The company owned locations of Bonefish Grill saw a 5.4% decrease in the same store sales, according to the release.
"Our fourth-quarter earnings were in line with expectations and we achieved our earnings objectives for the year," said Liz Smith, CEO.
"2015 was highlighted by the strength of our International business and ongoing productivity efforts, which led to 60 basis points of adjusted restaurant margin expansion. We delivered this result in the face of elevated commodities, wage inflation and foreign currency headwinds"
Incidentally, Bonefish Grill, which was supposed to be the leading brand for growth in Bloomin' Brands' restaurant portfolio, saw the steepest decline in sales. This is the third quarter of decline for the chain and tends to be more expensive than dining experiences at Olive Garden or similar locations.
