Bloomin' Brands Inc. — which operates Fleming's Prime Steakhouse & Wine Bar, Outback Steakhouse, Carrabba's Italian Kitchen and Bonefish Grill — is considering "strategic alternatives" that include a possible sale, company officials said today in a news release that accompanied Bloomin's third-quarter earnings.
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“The company plans to proceed in a timely manner, but has not set a definitive timetable for completion of this process,” the release said. “There can be no assurance that this review will result in a transaction or other strategic alternative of any kind.”
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All four of Bloomin’s largest restaurants concepts operate in the Dayton area: one Outback Steakhouse moved from its home of 22 years in the Cross Pointe Centre in Centerville to the former Sears Tire and Auto Center outside the Dayton Mall a year ago, and also operates restaurants in Miller Lane in Butler Twp., Troy and near Mason; Bonefish Grill operates restaurants in front of the Dayton Mall and on Voice of America Center Drive near West Chester; Fleming’s Prime Steakhouse & Wine Bar operates at The Greene Town Center in Beavercreek; and Carraba’s has restaurants on Ohio 725 east of the Dayton Mall and in Deerfield Twp. near Mason.
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It is unclear what impact a sale, if it occurs, would have on the Dayton-area operations.
“Over the past few years, Bloomin’ Brands has made significant progress towards its long-term objectives to elevate the customer experience, capitalize on the emerging off-premises segment, expand the rapidly growing international business, and improve operating margins. These efforts have created significant market share gains and enhanced profitability,” David Deno, CEO of Bloomin’ Brands, said in the release.
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“However, despite this continued progress, we believe the current stock price does not reflect the value of the company. That is why the time is right to explore strategic alternatives that have the potential to maximize value for our shareholders. Our board of directors is committed to fully evaluating appropriate strategic alternatives while simultaneously supporting the company’s ongoing progress against our business plan.”
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