Chuy’s Holdings, Inc. Provides COVID-19 Update

AUSTIN, Texas, March 30, 2020 (GLOBE NEWSWIRE) -- Chuy’s Holdings, Inc. (NASDAQ:CHUY) today provided a business update in light of the nationwide effort to contain the spread of COVID-19, including mandated restrictions on in-restaurant dining.

At the present time, 92 of the Company’s 101 restaurants have transitioned to an off-premise operating model and continue to serve guests through enhanced take-out and delivery.  The remaining nine restaurants have closed temporarily.  Chuy’s guests can continue to order many of their favorite menu items and more through the Company’s on-line ordering system and our national delivery partner DoorDash that has waived delivery fees for first time Chuy’s customers through the first of April. Additionally, Chuy’s continues to partner with Grubhub, BiteSquad, Waitr and other local delivery services in some markets.

“We remain committed to ensuring that our loyal guests can continue to enjoy many of our freshly prepared, craveable Mexican-inspired offerings in the comfort and safety of their homes, given the ongoing restrictions on our dining operations,” said Steve J. Hislop, Chuy’s Chief Executive Officer. “In these unprecedented times, I’m particularly grateful for the hard work and sacrifices our teams continue to make to service our communities. We stand by each one of our team members and all of our loyal guests and look forward to resuming normal operations at our locations as conditions permit.”

Hislop added, “We are fortunate to be facing the current challenges with a strong balance sheet, however we are taking every precaution to maintain our financial flexibility. During the last week, we have drawn down the available balance of our credit facility, deferred non-essential capital expenditures including delaying or canceling our new restaurant openings for 2020, significantly reduced staffing and our operating expenses to reflect reduced sales volumes and suspended our share repurchase activity.  In addition, we are eliminating all non-essential General and Administrative spending for the year.  We believe these actions will allow us to navigate the near-term challenges of the COVID-19 virus while maintaining the long-term health of our business.”