The burger chain offloads 30 locations to Evergreen Dining LLC to strengthen its balance sheet and improve financial flexibility.
Red Robin Gourmet Burgers announced the sale of 30 company-owned restaurants to Evergreen Dining LLC for $23.5 million in cash. The deal targets locations in Washington and Western Idaho, which will remain under the Red Robin brand post-transaction.
The company had previously focused on closures and revenue declines over the past two years. This sale marks its first major asset divestment under its First Choice Plan, aimed at refining its capital structure and exploring refinancing options.
CEO Dave Pace stated the partnership with Evergreen Dining, a multi-unit operator with nearly 30 years of experience, will accelerate growth at these locations while enhancing financial flexibility.