Business
Red Robin Gourmet Burgers Provides Business and Operational Update Related to COVID-19
Continuing to Serve Guests with To-Go, Delivery and Catering Options Bolsters the Company’s Liquidity Position by Drawing Remaining Capacity of Credit
About this update from Red Robin Gourmet Burgers, Inc.
[{"type":"text","content":"\nContinuing to Serve Guests with To-Go, Delivery and Catering Options\n\n\nBolsters the Company’s Liquidity Position by Drawing Remaining Capacity of Credit Facility\n\n\nWithdraws Prior 2020 and Long-Term Outlook Due to COVID-19 Impact\n\n GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--\nRed Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (“Red Robin” or the “Company”) today announced several measures it is taking in response to the escalating COVID-19 pandemic.\n\n\nPaul J.B. Murphy III, Red Robin’s President and Chief Executive Officer, said, “We are navigating an unprecedented time for our business, industry and country as we collectively work to combat the global COVID-19 crisis. With the health, safety, and well-being of Red Robin’s Team Members, Guests and communities as our top priority, we have shifted our restaurants to an off-premise model and are strictly adhering to CDC, state and local guidelines.”\n\n\nMurphy added, “We are encouraged by our continuing off-premise sales momentum, which has more than doubled over the past two weeks compared to our trends before the impact of COVID-19. This will help mitigate the decline in comparable restaurant revenues due to the closure of dine-in services at substantially all Red Robin-operated restaurants and enable us to focus on optimizing the execution of our off-premise channels both during and following the crisis. Thanks to the tireless work of our great Team Members, we are grateful we can continue serving our Guests with to-go, delivery and catering options and providing convenient meal solutions during this unprecedented time.”\n\n\nBusiness & Outlook Update\n\n\nTo preserve liquidity, enhance financial flexibility and help mitigate the impact of COVID-19, Red Robin has taken or is taking the following decisive actions:\n\n\n\nTemporarily closed dine-in services at substantially all Red Robin-operated restaurants while continuing to provide to-go, delivery and catering choices and ensuring the continuity of the Company’s supply chain;\n\n\n\n\nImplemented enhanced health and safety protocols across the business, emergency sick pay for hourly Team Members and telecommuting policies for nearly all corporate level employees;\n\n\n\n\nMeaningfully reduced restaurant level costs and selling, general and administrative expenses, including reducing executive base salaries by twenty p...