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Get filing alertsRed Robin completes $96M refranchising of 116 restaurants to three franchisees
Filed September 1, 2026 · Period ending August 26, 2026 · ~1 min read
Key Changes
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high
Sold 30 Washington/Western Idaho restaurants to Evergreen Dining for $23.5M cash.
Item 2.01 verify on EDGAR → -
high
Closed first tranche of Op Burgers deal: 61 of 69 restaurants for $55.9M cash; remaining 8 expected by fiscal year-end for $6.6M.
Item 2.01 verify on EDGAR → -
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Sold 17 Oregon/Washington restaurants to Kuber for $10.0M cash.
Item 2.01 verify on EDGAR → -
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Net proceeds primarily to repay credit facility borrowings; pro forma assumes full $96.0M debt repayment.
Item 2.01 verify on EDGAR → -
medium
Pro forma net gain from transactions estimated at $51.8M.
Exhibit 99.2 view on EDGAR →
Summary
Red Robin Gourmet Burgers completed the bulk of its previously announced refranchising program, selling 108 company-owned restaurants across three transactions for approximately $89.4 million in gross cash proceeds. The buyers—Evergreen Dining, Op Burgers, and Kuber—will operate the locations as franchised Red Robin restaurants under long-term agreements.
An additional eight restaurants under the Op Burgers deal are expected to close by the end of fiscal 2026, bringing total expected proceeds to about $96 million for 116 restaurants. The company intends to use the net proceeds primarily to repay outstanding borrowings under its credit facility, with the pro forma financials assuming the full $96 million is applied to debt reduction.
The transactions are expected to generate a pro forma net gain of approximately $51.8 million. This refranchising effort shifts Red Robin toward a more asset-light model while strengthening its balance sheet. For retail holders, the key takeaway is a significant deleveraging event: the company is converting owned restaurants into franchise royalties and using the cash to pay down debt. The remaining eight restaurant closings are subject to liquor license transfers and customary conditions, so the final $6.6 million is not yet guaranteed.
Section-by-Section Diff
Event · Item 2.01 — Completion of Acquisition or Disposition of Assets
Red Robin completed sales of 116 company-owned restaurants to three franchisees for $96.0M cash, with $6.6M more expected.
Added in current filing · verify on EDGAR →
The Company will use the net proceeds from the Transactions primarily to repay outstanding borrowings under its credit facility and for general corporate purposes.
Red Robin plans to use the net proceeds from these asset sales primarily to pay down debt under its credit facility, with the remainder for general corporate purposes. This reduces leverage and strengthens the balance sheet.
Event · Item 7.01 — Regulation FD Disclosure
Red Robin announced completion of refranchising transactions via a press release furnished as Exhibit 99.1.
Added in current filing · verify on EDGAR →
On September 1, 2026, the Company issued a press release announcing the completion of the Transactions.
The company completed previously announced refranchising transactions and issued a press release with details. The 8-K itself does not include the press release text, so specific terms, number of restaurants, or proceeds are not disclosed in this filing.
Added in current filing · verify on EDGAR →
the possibility that the conditions to the remaining restaurants expected to close are not satisfied on a timely basis or at all; the Company’s ability to successfully complete tactical refranchising initiatives and on favorable terms; the possibility that the Company may not fully realize the projected benefits of the Transactions, including the anticipated amount and use of proceeds;
The filing cautions that some restaurants expected to close as part of the refranchising may not close on time or at all, and that projected benefits and proceeds may not be fully realized. This indicates the announced completion is partial and additional closings are still pending.
Event · Exhibit 99.1
Red Robin completed sale of 108 restaurants for $89.4M, with 8 more expected to close by fiscal year end for $6.6M.
Added in current filing · view on EDGAR →
Across three separate transactions, the Company sold 108 company-owned units for approximately $89.4 million in gross proceeds
Red Robin completed the substantial majority of closings under refranchising transactions previously announced on May 28 and June 15, 2026. The sale of 108 company-owned restaurants generated approximately $89.4 million in gross proceeds.
Added in current filing · view on EDGAR →
The sale of eight additional restaurants under one of the transactions is expected to close by the end of the Company’s 2026 fiscal year and generate approximately $6.6 million
Eight additional restaurants under the Op Burgers transaction are expected to close by fiscal year end 2026, pending transfer of applicable liquor licenses, generating approximately $6.6 million in additional proceeds.
Added in current filing · view on EDGAR →
bringing the total proceeds across all three transactions to approximately $96 million from the sale of 116 restaurants
When the remaining eight restaurants close, total proceeds across all three transactions are expected to reach approximately $96 million from the sale of 116 restaurants.
Added in current filing · view on EDGAR →
Op Burgers, LLC is acquiring a total of 69 restaurants based in Kentucky, Indiana, Maryland, Ohio, North Carolina, Pennsylvania, South Carolina and Virginia for $62.5 million. The acquisition of 61 restaurants for $55.9 million has closed, with the remaining eight restaurants expected to close by fiscal year end, pending the transfer of applicable liquor licenses, for additional proceeds of $6.6 million.
The three buyers are Op Burgers (69 restaurants for $62.5M, of which 61 have closed for $55.9M), Kuber (17 restaurants for $10M), and Evergreen Dining (30 restaurants for $23.5M).
Added in current filing · view on EDGAR →
The Company intends to use the net proceeds from these transactions to pay down outstanding debt and execute on the refinancing priorities outlined in its First Choice Plan
Net proceeds will be used to pay down outstanding debt and support refinancing priorities under the First Choice Plan, strengthening the balance sheet.
Event · Exhibit 99.2
Red Robin refranchised 116 restaurants in three deals for $96M, using proceeds to repay debt.
Added in current filing · verify on EDGAR →
completed the previously announced sale to Evergreen Dining LLC (“Evergreen”) of certain assets related to 30 Company-owned Red Robin restaurants located in Washington and Western Idaho, and Evergreen assumed certain liabilities related to those restaurants, for an aggregate purchase price of $23.5 million in cash, subject to customary adjustments
Red Robin sold 30 company-owned restaurants in Washington and Western Idaho to Evergreen Dining LLC for $23.5 million in cash. The restaurants will continue operating as franchised Red Robin locations under long-term franchise agreements.
Added in current filing · verify on EDGAR →
completed the previously announced sale to Kuber Oregon, LLC, an Oregon limited liability company, and Kuber Washington, LLC, a Washington limited liability company (collectively, “Kuber”), of certain assets related to 17 company-owned Red Robin restaurants located in Oregon and Washington, and Kuber assumed certain liabilities related to those restaurants, for an aggregate purchase price of $10.0 million in cash, subject to customary adjustments
Red Robin sold 17 company-owned restaurants in Oregon and Washington to Kuber for $10.0 million in cash. These restaurants will also operate as franchised Red Robin locations.
Added in current filing · view on EDGAR →
Reflects the assumed repayment of $96.0 million of outstanding borrowings under the Company’s credit facility using the cash proceeds from the Transactions.
The company expects to use substantially all of the net cash proceeds from the three transactions, totaling $96.0 million, to repay outstanding borrowings under its credit facility. The pro forma financials assume the entire $96.0 million is used for debt repayment.
Added in current filing · view on EDGAR →
Pro forma net gain resulting from the Transactions $ 51,772
The transactions are expected to generate a pro forma net gain of approximately $51.8 million, reflecting the consideration received less the carrying value of assets and liabilities transferred. This gain is reflected in the pro forma statement of operations for fiscal 2025.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 2, 2026 · How we verify