In a statement, Bloomin' said it "welcomes open communication with shareholders and constructive input. Barington's website describes the firm as an activist investor that "invests in undervalued publicly traded companies that it believes can appreciate significantly in value as a result of a change in corporate strategy or improvements in operations, capital allocation or corporate governance. This isn't Bloomin's first experience with an investor who wasn't pleased with the company's performance.
43 Outback, Carrabba's, Bonefish Grill locations closing
Late last year, Jana Partners, a New York-based hedge fund, bought an 8. The fund's principal owner, Barry Rosenstein, filed with the Securities and Exchange Commission saying that he might push Bloomin' to think about "exploring a sale" of the company. Contact this reporter at mcarollo tampabay. Follow malenacarollo. Manage my subscription Activate my subscription Subscribe Log in Log out. Special Reports.
letters from the italian outback Manual
Photo Galleries. Connect with us. Investor calls for Bloomin' Brands to let Outback Steakhouse stand alone. Express locations are for delivery and takeout.
The company plans to have eight in total by the end of this year, but did not elaborate on where the additional five might be located. In the long run, Smith says off-premise dining could account for a quarter of total restaurant sales.
Right now, restaurants offer delivery. Takeout and delivery are a priority for the company going forward, Smith said. At the same time, the restaurant industry has struggled to grow, with the sector experiencing a same-store sales decline of 0. See also: Restaurant sales fall in January as tax overhaul fails to boost spending.
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Outback Steakhouse U. Tonya Garcia is a MarketWatch reporter covering retail and consumer-oriented companies.
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Pressure builds for a shakeup of Outback Steakhouse’s parent
Key Points. Activist investor Barington Capital is calling on Bloomin' Brands to spin off its smaller brands into a new company and let Outback stand on its own. James Mitarotonda, CEO of Barington, said Bloomin' shares could double if the company follows the hedge fund's suggestions. An Outback Steakhouse truck sits parked outside a restaurant in New York. Related Tags.