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Friday, Apr 19, 2024
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BJ’s Draws Down Credit, Slows Growth, Shares Up

Huntington Beach-based BJ’s Restaurants Inc. (Nasdaq: BJRI) on Monday outlined a plan to address the impact of the novel coronavirus on the company’s business.

Measures include drawing on the company’s $250 million credit line; delaying or canceling restaurant openings planned for this year; trimming operating expenses; deferring a March 24 dividend payment of 13 cents a share; and suspending future dividends “until the significant uncertainty of the current situation has passed,” the company said.

BJ’s currently counts 209 restaurants in 29 states. All remain open for take-out and delivery.

“We believe the combination of these actions positions us well to manage the near-term volatility presented by current market conditions,” President and CFO Greg Levin said in a statement.

BJ’s closed up 17% in Monday intraday trading and another 10% after hours for a market value of about $200 million. The casual dining chain’s shares have fallen 70% over the last month.

Go here for more updates on how OC companies are responding to coronavirus.

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