Red Robin Sells 86 Restaurants for $72.5M in Refranchising Deals

Red Robin Gourmet Burgers, Inc. announced two refranchising agreements to sell a total of 86 company-owned restaurants for $72.5 million. The first agreement is with Op Burgers, LLC for 69 restaurants across eight states for $62.5 million, and the second is with Kuber Oregon, LLC and Kuber Washington, LLC for 17 restaurants in Oregon and Washington for $10 million. These transactions are part of the company's 'First Choice Plan' and the net proceeds will be used to reduce outstanding indebtedness and support refinancing priorities. The company expects these deals, along with a previously announced transaction, to generate approximately $96 million in total.