Bloomin' Brands (BLMN) said on Thursday that as part of its turnaround strategy, the company has closed down 21 U.S. restaurants and decided not to renew the leases of 22 U.S. restaurants, the majority of which expire over the next four years.

The company said that, including the impacts of these closures, it recognized asset impairments and net closure charges of $33.2 million during the third quarter. The closures of the 21 U.S. restaurants were completed in October, with an estimated $5 million to $7 million in related severance and closure charges to be recorded during the 13 weeks ended Dec. 28, 2025.

“I am excited to announce our turnaround strategy, with a focus on the Outback Steakhouse brand. In support of our strategy, we will reallocate available free cash flow into strategic investments in our base business and pay down debt,” CEO Mike Spanos said.

“As a result, we have suspended the dividend. We believe our strategic plan will drive long-term, sustainable and profitable growth,” Spanos added.

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