CHARLOTTE, NC - One of North Carolina's favorite breakfast joints is having to 'risk it to get the biscuit' after a tough financial quarter, the Charlotte Observer is reporting.
Bojangles' announced it was closing 10 underperforming restaurants and is getting rid of some menu items with sluggish sales at company-operated restaurants in a recent earnings report, the paper says.
Late Monday Bojangles' provided this statement about the restaurants that are closing:
On August 12 Bojangles’ closed ten underperforming company-operated restaurants outside of the Carolinas. The restaurants that were closed are in Alabama, Kentucky, Tennessee and Virginia. There are no restaurants scheduled to be closed in the Carolinas. Bojangles’ has 760 system-wide restaurants, and fans are encouraged to visit one of our other nearby restaurant locations in those markets.
C.L. King analyst Michael Gallo told the Charlotte Observer, these moves could mean Bojangles' is "clearing the decks" for a possible takeover, referencing Advent International, the private equity firm that owns most of Bojangles' shares.
The four items that will be taken off the menu are the:
- Jambalaya bowl
- Smoked sausage biscuit
- Barbecue pork sandwich
- Cheddar Bo Biscuit
However, the Tands’ franchise which owns more than 50 Bojangles’ in eastern North Carolina announced it will be keeping the following menu items including Cheddar Bo Biscuits, Smoked Sausage Biscuits, and BBQ Sandwiches!
During the second quarter earnings call, Interim CEO James Kibler called the four 'very slow-moving' and 'operationally complex.'
It isn't known what specific Bojangles' locations will close. The report says the closures are 'across four states in our adjacent markets.'
Bojangles' was founded in Charlotte in 1977 and went public in 2015. Former CEO Clifton Rutledge stepped down in March.