Struggling restaurant chain makes major menu, operational changes
The chain has begun what management calls a "turnaround" effort.
Inflation has hit some restaurant chains hard. Consumers have become more conscious of their spending, at least in some cases, and brands that aren't perceived as offering good value have been hit hard.
Fast-food companies and casual sit-down restaurant operators have responded to this by offering value menu items. Having a high-profile, high-value discount meal has helped change traffic trends at chains including McDonald's and Chili's.
Related: Popular barbecue restaurant chain files for Chapter 11 bankruptcy
Value, however, becomes a tougher proposition at brands that are already seen as a bit of an indulgence. Yes, your pricey meal might be cheaper, but you're still picking an option that's going to be more expensive than other choices.
That's a brand perception issue for some chains, which may not be high-end restaurants, but are also not positioned based on affordability.
Bloomin' Brands (BLMN) CEO Mike Spanos addressed that issue during his company's fourth-quarter earnings call.
