Bob Evans Closes 20 Restaurants
Following a comprehensive unit-level performance review of the company’s restaurant portfolio, Bob Evans Farms, Inc., New Albany, Ohio, announced plans to close 20 Bob Evans restaurants. The closures will take place over the next 12 months, with the majority of locations to close by the end of May.
“Closing a restaurant is a difficult decision, as it directly impacts our guests and employees,” says Mark Hood, chief financial officer. “Despite efforts to improve performance, these restaurants, however, were not meeting expectations. Bob Evans Farms is committed to assisting impacted employees by offering positions in nearby restaurants where possible. In cases where relocation is not possible, severance benefits will be offered to full-time and part-time employees.”
The company owns 16 of the 20 affected restaurants, and will immediately seek to sell these properties, with net proceeds estimated between $15-17 million.