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Darden Restaurants Inc (Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s)
Units closed: None disclosed. The company said 60% of restaurants are mandated to-go only; 16% have been mandated to reduce capacity by about 50% or are practicing social distancing.
Layoff count: None reported; CEO Gene Lee is forgoing his salary
Amount borrowed for liquidity: Fully drawing on $750 million credit facility. The company has $1 billion in cash on hand.
Same-store sales: For the fourth quarter to date through March 15, same-store sales were down 5.9%. The company said same-restaurant sales were positive 3% in the first week of the fourth quarter but the second week was basically flat and the third week was down almost 21%.
By segment, same-store sales in the week ended March 15 were down 18.7% at Olive Garden, down 15.9% at LongHorn, down 27.7% in Darden’s fine-dining division, which includes Eddie V’s, and down 27.5% in its other concepts.
McDonald’s
Units closed: Temporarily closed 50 U.S. stores
Layoff count: Not released
Amount borrowed for liquidity: Not released
Same-store sales: Not released
Brinker International (Chili’s, Maggiano’s)
Units closed: Fewer than 10. Almost all restaurant shifted to off-premise
Layoff count: Reducing salaries; 50% pay cut for CEO Wyman Roberts
Liquidity: Credit facility amended to increase initial borrowing capacity to $800 million. Restaurant remodels and new restaurant construction delayed to reduce capital expenditures.
Same-store sales: 5.9% decline at company owned stores in Q3; 5.3% decline at Chili’s and 9.9% decline at Maggiano’s.
Red Robin
Units closed: All restaurants shifted to off-premise
Layoff count: Executive base salaries reduced by 20%
Liquidity: The company drew down on remaining capacity in $300 million credit facility, bringing cash balance to more than $91 million as of March 29.
Same-store-sales: Not released
Papa John’s
Units closed: Only locations where umbrella businesses have been closed, like college campuses or malls
Layoff count: None; company is adding 20,000 workers
Liquidity: Not released
Same-store sales: Preliminary results indicate a 5.3% increase systemwide in North America and 2.3% internationally in Q1 ended March 29. During the third period, from Feb. 24-March 29, North American same-store sales were up 3.6% but down 0.6% internationally. The cancellation of March Madness is expected to have a negative impact.
Domino’s
Units closed: All but "a few" stores in the U.S. remain open
Layoff count: None; company is adding 10,000 more workers
Liquidity: Not released
Same-store sales: In the U.S., up 1.6% in Q1ended March 22.
Restaurant Brands International (Burger King, Popeye’s, Tim Hortons)
Units closed: Not released. Rent structures converted to variable rent at 3,700 locations of Tim Hortons in Canada and Burger King in the U.S. and Canada. Rent payments deferred for 45 days. Remodeling on hold.
Layoff count: Not released
Liquidity: The company drew down $1 billion on credit facility resulting in $2.5 billion of cash on hand. $70 million in cash advances given to franchisees in North America.
Same-store sales: Not released
FoodFirst Global (Bravo/Brio)
Units closed: 71 of 92 locations temporarily closed, but 21 of the most profitable Bravo and Brio locations open for curbside pickup and delivery
Layoff count: Nearly 6,000 hourly and salaried employees furloughed
Amount borrowed for liquidity: Not released
Same-store sales: Not released
Ruth’s Chris Hospitality Group
Units closed: 23 of about 135 locations temporarily closed. Those still open pivoted to takeout and delivery.
Layoff count: Furloughed a “significant number of field and home office team members.” Salaries reduced for remaining workers, including executives.
Liquidity: The company drew down on $120 million credit facility twice, reesulting in about $71.5 million in cash on hand.
Same-store sales: Not reported
Yum Brands (Taco Bell, Pizza Hut, KFC, The Habit Burger Grill)
Units closed: 7,000 temporarily closed globally, including 1,000 Pizza Hut Express units in the U.S. and 900 KFC units in the U.K. Those open in the U.S. are limited to takeout, drive thru and delivery. The company operates or franchises about 50,000 restaurants around the world.
Layoff count: The company and franchisees are looking to hire 30,000 workers for Pizza Hut.
Liquidity: $525 million borrowed under revolving credit facility resulting in cash or cash equivalents of more than $1 billion.
Same-store sales: Projecting mid to high single-digit declines for the quarter ended March 31
The Cheesecake Factory Inc. (Cheesecake Factory, North Italia, Flower Child, Fox Restaurant Concepts)
Units closed: 29 restaurants including two Cheesecake Factory units closed temporarily and remaining units have pivoted to takeout and delivery. The company operates 294 restaurants in the U.S. and Canada, and another 26 operate under licensing agreements internationally.
Layoff count: 41,000 hourly workers furloughed; executive salaries reduced by 20%
Liquidity: The company drew an additional $90 million on its revolving credit facility. Planned unit growth is curtailed for the year.
Same-store sales: Preliminary reports indicate a 13% decline in the first quarter; including a 46% decline in March alone.
Shake Shack
Units closed: 9 company-owned units temporarily closed; remaining stores pivot to curbside pickup and delivery. New restaurant growth halted.
Layoff count: 20% of New York City corporate staff; salaries for executives reduced. The company also reported "significant reductions" in staffing and operating expenses at all Shake Shack locations.
Liquidity: The company drew down on its revolving credit facility of $50 million. As of April 1, the company had $104 million in cash and marketable securities on hand.
Same-store sales: 29% decline in March; 2% decline in January and February
