Bob Evans says it will close 20 restaurants in the near future.
Bob Evans Farms Inc. said it plans to close 20 of its restaurants after completing performance review of its retail portfolio. The chain said it plans to close the stores over the next 12 months, with the majority of locations to close by the end of May 2015.
Specific locations targetd for closure were not disclosed.
Approximately 780 restaurant workers will be impacted by these closures.
The company said that it owns 16 of the 20 affected restaurants, and that it will immediately seek to sell these properties, with expected net proceeds estimated between $15 million and $17 million. The restaurants to be closed account for $20 million of annual revenue.
