O'Charley's closes 14 underperforming locations
Multibrand casual-dining operator O’Charley’s Inc. said Wednesday it has shuttered 14 underperforming locations of its namesake chain in various markets.
The TimesDaily.com quoted the restaurant chain's president, Marc Buehler, as saying the O’Charley’s branch in Florence, Ala., was closed “as part of a plan to further strengthen our company and enable us to build our brand."
Other O’Charley’s units were closed in Wisconsin, North Carolina, and Indiana, according to published reports.
O’Charley’s, which also includes the Ninety Nine and Stoney River Legendary Steak brands, was acquired earlier this year by Fidelity National Financial Inc., a title and mortgage services provider, for about $221 million.
Prior to that, Nashville, Tenn.-based O’Charley’s had been traded publicly on the Nasdaq exchange.
FNF also holds investments in American Blue Ribbon Holdings, which operates the Village Inn, Bakers Square, Max & Erma’s and Legendary Baking Brands. Prior to the acquisition, American Blue Ribbons had more than 220 company and 63 franchised restaurants, generating about $460 million in sales annually.
After the closures, O’Charley’s Inc. had 213 O’Charley’s branches, 105 Ninety Nine restaurants and 10 Stoney River outlets.
For the fiscal year ended Dec. 25, 2011, O’Charley’s posted a $12.1-million loss, compared with a $34.9-million loss in 2010. Revenue fell to $827.1 from a year-ago total of $830.1 million. Blended same-store sales rose 1.7 percent.
Editor's Note: A previous version of this story has been updated to correctly note that O'Charley's closed a location in Florence, Ala., not Florence, Tenn.
Contact Paul Frumkin at firstname.lastname@example.org.