04-02-2020, 08:51 AM
Another one bites the dust, as Brinker International (EAT) suspends the dividend.
- Amended the revolving credit facility to obtain financial flexibility and liquidity. Initial borrowing capacity under the new amendment is $800 million
- Significantly reduced capital expenditures, including suspending the Chili's re-image program and delaying construction of new restaurants
- Reduced salaries, led by the executive team including a 50 percent reduction for Chief Executive Officer
- Reduced marketing spend, general and administrative spend and other restaurant expenses to support the off-premise only business model
- Suspended the quarterly cash dividend and all share repurchase activity