Outback Steakhouse closes in Irvine

Burn That Belly said:
Nooooo OutBack.  I love your Victoria Filet and your signature sirloin mid-rare, just the way I like it.

The franchise will be closing 40 under performing restaurants, and I guess this was one of them.
 
eyephone said:
Burn That Belly said:
Nooooo OutBack.  I love your Victoria Filet and your signature sirloin mid-rare, just the way I like it.

The franchise will be closing 40 under performing restaurants, and I guess this was one of them.

This was the irvine company not wanting to renew the lease situation.
 
"Outback, which no longer lists the Culver Plaza restaurant on its website, did not return calls for comment. Its parent company Bloomin? Brands, a large casual dining operator based in Tampa, Fl., has said it would be closing 40 underperforming restaurants during its 2017 fiscal year."
http://www.ocregister.com/2017/09/2...ures-include-outback-steakhouse-karl-strauss/

I don't have the inside info at the Irvine Company. My previous comment was based from reading the article.
 
qwerty said:
eyephone said:
Burn That Belly said:
Nooooo OutBack.  I love your Victoria Filet and your signature sirloin mid-rare, just the way I like it.

The franchise will be closing 40 under performing restaurants, and I guess this was one of them.

This was the irvine company not wanting to renew the lease situation.

Have a source or just guessing?
 
HMart said:
qwerty said:
eyephone said:
Burn That Belly said:
Nooooo OutBack.  I love your Victoria Filet and your signature sirloin mid-rare, just the way I like it.

The franchise will be closing 40 under performing restaurants, and I guess this was one of them.

This was the irvine company not wanting to renew the lease situation.

Have a source or just guessing?

Source. A friend at TIC
 
qwerty said:
HMart said:
qwerty said:
eyephone said:
Burn That Belly said:
Nooooo OutBack.  I love your Victoria Filet and your signature sirloin mid-rare, just the way I like it.

The franchise will be closing 40 under performing restaurants, and I guess this was one of them.

This was the irvine company not wanting to renew the lease situation.

Have a source or just guessing?

Source. A friend at TIC

Can you ask your TIC friend what their overall plans are?  Are they planning on doing away with these "old school' chain restaurants for more expensive, Asian-themed eateries?  In the last couple years, we've seen IHOP, Marie Callendars, and now Outback all gone. 
 
I believe TIC charges restaurants a "percentage rent", once a tenant?s sales reach a certain level, the tenant must pay TIC a percentage of the restaurant?s revenue.

Most likely Outback fail to reach over the minimal revenue level and are only paying the minimal rent, thus TIC do not want to renew the lease. 
 
paydawg said:
qwerty said:
HMart said:
qwerty said:
eyephone said:
Burn That Belly said:
Nooooo OutBack.  I love your Victoria Filet and your signature sirloin mid-rare, just the way I like it.

The franchise will be closing 40 under performing restaurants, and I guess this was one of them.

This was the irvine company not wanting to renew the lease situation.

Have a source or just guessing?

Source. A friend at TIC

Can you ask your TIC friend what their overall plans are?  Are they planning on doing away with these "old school' chain restaurants for more expensive, Asian-themed eateries?  In the last couple years, we've seen IHOP, Marie Callendars, and now Outback all gone. 

We don?t even have to ask. It?s clear the game plan is more Asian and higher end restaurants. All of those restaurants you mentioned either had lower volume or lower average per meal ticket.  If your an american restaurant  and aren?t high volume your number is coming.
 
qwerty said:
We don?t even have to ask. It?s clear the game plan is more Asian and higher end restaurants. All of those restaurants you mentioned either had lower volume or lower average per meal ticket.  If your an american restaurant  and aren?t high volume your number is coming.

I don't know about you, but these higher end restaurants don't cut it for me.  Not worth the extra $$. 
 
paydawg said:
qwerty said:
We don?t even have to ask. It?s clear the game plan is more Asian and higher end restaurants. All of those restaurants you mentioned either had lower volume or lower average per meal ticket.  If your an american restaurant  and aren?t high volume your number is coming.

I don't know about you, but these higher end restaurants don't cut it for me.  Not worth the extra $$.

We might have to eat other places.

(Start the boycott?)  ;)
 
Burn That Belly said:
So that's why Kang Hodong BaekJeong charges like $38.99 for two slices of meat.  ;D ;D  All that money needs to pay into TIC's coffers.

More like start are own business. Charge $1.50 for boba, Rice bowl $5.

This might drive everybody out the market.
 
You won't be able to pay rent in Irvine with those prices unless you have really good business processes and incredible volume. Even then, your margins will be razor thin. Then you'll find yourself ~OUTSIDE OF IRVINE~ and TI people will talk shit about you. OH NO
 
HMart said:
You won't be able to pay rent in Irvine with those prices unless you have really good business processes and incredible volume. Even then, your margins will be razor thin. Then you'll find yourself ~OUTSIDE OF IRVINE~ and TI people will talk shit about you. OH NO

someone with deep pockets who doesn't need the $$ should do that simply to stop the price gouging.  they can doctor their books to make it look like they're making the revenue that TIC needs to keep them in business!
 
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