RED ROBIN GOURMET BURGERS, INC., COMPLETES SALE OF 108 RESTAURANTS FOR $89.4 MILLION
Red Robin Gourmet Burgers, Inc. announced it has completed the substantial majority of closings under its previously announced refranchising transactions, selling 108 restaurants for $89.4 million. The company expects the remaining 8 restaurants to close by fiscal year end and generate $6.6 million in proceeds, which will support debt reduction and refinancing.
Why it matters — A Red Robin watcher would care because the restaurant sales generate significant proceeds intended to reduce debt and support refinancing, which could affect the company's capital structure and strategic direction.