Red Robin Completes Sale of 108 Restaurants as Part of Debt Refinancing Plan
Dow Jones
Yesterday
Red Robin completed the sale of 108 company-owned restaurants for $89.4 million in gross proceeds. The casual dining chain says the transactions with three experienced multi-unit operators will help strengthen its balance sheet and support debt refinancing. Eight additional restaurants are expected to close by fiscal year end, bringing total proceeds to approximately $96 million from 116 units sold. The company says it plans to use the net proceeds to pay down outstanding debt.
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