Bloomin’ Brands puts strategic review on hold
May 5, 2020 - Tampa-based restaurant company Bloomin' Brands has suspended a process to explore strategic alternatives as it prioritizes its response to the Covid-19 pandemic. Bloomin' (Nasdaq: BLMN), the parent company of Outback Steakhouse and other casual dining concepts, began the process last fall in an effort to maximize shareholder value. Bloomin' has implemented 2020 cost savings measures and remains committed to support a growth-focused, operations centric organization over the long term, it said in a news release. The company also announced a preliminary first-quarter 2020 loss of 44 cents per share and adjusted earnings per share of 14 cents. The adjusted earnings per share results included $16 million of relief pay provided to hourly employees impacted by the closure of Bloomin's dining rooms, the news release said.