BJ’s Restaurants, Inc. Provides Business Update - Seite 2

 

Growth in sales levels along with further cost reductions taken across the organization, the Company has reduced its burn rate to approximately $2.5 million per week. This includes approximately $1.2 million of weekly cash rent payments, which are currently planned for or are already under discussion with the Company’s landlords for deferral or abatement. In addition, the Company has the ability to further reduce operating and other expenses should these sales levels continue for a prolonged period of time.

The Company currently has $70 million of cash on its balance sheet, reflecting its previously announced draw on its revolving credit facility. Trojan added, “Our management team is taking all necessary and appropriate steps to control costs, maximize liquidity, and evaluate additional sources of capital out of an abundance of caution, including filing an S-3ASR to sell additional shares of common stock or other securities as the Company deems appropriate.”   

“Despite the current short term challenges we face due to mandated dining room closures, our teams are preparing to begin reopening restaurants once state and local officials allow us,” commented Trojan. “We are working intently to develop social distancing and other protocols to ensure that we deliver a safe experience for both our team members and our guests. We believe our large restaurants and flexible seating layout will provide us a strong advantage to take care of our guests' needs and grow sales as we transition back to dine-in and off-premise operations. The entire leadership team at BJ’s extends its gratitude to our restaurant and operating teams for their unique ability to deliver BJ’s gold standard level of guest service in rapidly changing times and we also thank our loyal guests for their support and their trust in BJ’s.”

About BJ’s Restaurants, Inc.
BJ’s Restaurants, Inc. (“BJ’s”) is a national brand with brewhouse roots and a menu where craft matters. BJ’s broad menu with over 140 offerings has something for everyone: slow-roasted entrees, like prime rib, BJ’s EnLIGHTened Entrees including Cherry Chipotle Glazed Salmon, signature deep dish pizza and the often imitated, but never replicated world-famous Pizookie dessert. BJ’s has been a pioneer in the craft brewing world since 1996, and takes pride in serving BJ’s award-winning proprietary handcrafted beers, brewed at its brewing operations in five states and by independent third-party craft brewers. The BJ’s experience offers high-quality ingredients, bold flavors, moderate prices, sincere service and a cool, contemporary atmosphere. Founded in 1978, BJ’s owns and operates 209 casual dining restaurants in 29 states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia and Washington. All restaurants typically offer dine-in, take-out, delivery and large party catering. Due to the COVID-19 crisis, dine-in service is currently not available, menu offerings and hours are limited, and four restaurants have temporarily been closed. For more BJ’s information, visit http://www.bjsrestaurants.com.