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TAMPA, Fla. (Gray News) - Outback Steakhouse fans may be shocked to find that their favorite restaurant abruptly closed after the chain’s parent company closed several locations.

CEO David Deno said in an analyst call that Bloomin’ Brands decided to close 41 underperforming locations across its brands, including Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s, according to Nation’s Restaurants News.

Deno said most of these restaurants were older leases from the 1990s and early 2000s.

Bloomin’ Brands’ popular restaurant Outback Steakhouse will see most of the closures.

“This decision considered a variety of factors, including sales and traffic-trade areas and the investment that would have to be made to improve the restaurants,” Deno said.

The closures are expected to cost Bloomin’ Brands approximately $100 million in revenue during 2024. The Associated Press reported that shares have declined 5.5% since the beginning of the year. The stock decreased nearly 6% in the last 12 months.

Despite the recent changes, the company plans to open 40 to 45 new restaurants across the system in 2024.

The company did not release a list of closed restaurants.