Red Robin Gourmet Burgers has sold 116 US restaurants to three multi-unit restaurant operators for $96m.
The buyers are Op Burgers, Kuber Oregon and Kuber Washington, and Evergreen Dining. Each will continue operating the acquired locations under the Red Robin brand.
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Op Burgers purchased 69 restaurants for $62.5m. The sites are located in Indiana, Kentucky, Maryland, Ohio, North Carolina, Pennsylvania, South Carolina, and Virginia.
The deal for 61 restaurants has closed, while the sale for the remaining eight restaurants is expected to complete by the end of its 2026 fiscal year
Kuber Oregon and Kuber Washington acquired 17 restaurants in Oregon and Washington for $10m while Evergreen Dining bought 30 restaurants in Washington and western Idaho for $23.5m.
Red Robin plans to use the net proceeds to reduce outstanding debt and support refinancing priorities under its First Choice Plan. The company also plans to continue investing in its restaurants and technology.
Red Robin president and CEO Dave Pace said: “Our talented team has made incredible progress in the execution of our First Choice Plan over the past year, and the completion of these refranchising agreements is a critical next step in strengthening our balance sheet as we position our business for sustainable, long-term growth.
“Each of these seasoned operators shares our hospitality-first mindset and brings the resources needed to accelerate growth across these markets, while continuing to deliver an exceptional guest experience.
“Importantly, these transactions will advance our efforts to refinance our existing debt and increase our financial flexibility.
“We are confident these operators will be strong partners who can help each location unlock its full potential for the benefit of our guests, team members and investors.”
