Ruth’s took a $15.3 million loss on an impairment charge on Mitchell’s during the third quarter. Same-store sales at Ruth’s Chris rose 4.8 percent during the third quarter, including a 3.3-percent increase in traffic. Traffic at Mitchell’s fell 6.2 percent during the quarter. Revenue and same-store sales at the fish market fell 2.8 percent during the third quarter ended Sept. Profit at Mitchell’s has fallen 8.6 percent from 2011 through 2013, even as annual sales during that time increased by nearly $2 million. In recent years, Ruth’s has struggled to improve Mitchell’s Fish Market’s sales and profits, and there are signs this year that the concept’s struggles have worsened.
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In 2009, the first full year Ruth’s owned Mitchell’s, the segment provided just $75.5 million in revenue. In early 2008, when Ruth’s acquired Mitchell’s, executives predicted that the fish market and three steakhouses would add $98 million a year to company revenue.īut a recession that began in 2008 interfered. The company has made numerous acquisitions over the years, many of which were of struggling concepts that could be purchased for fairly low prices. Its brands include Landry’s Seafood, Bubba Gump Shrimp Co., The Oceanaire and McCormick & Schmick’s, among others. The sale adds another seafood concept to Houston-based Landry’s portfolio. A spokeswoman for Ruth’s said the company had not announced efforts to sell the concept.
“We are confident that Mitchell’s will complement Landry’s existing seafood restaurant portfolio.”Įxecutives for both Ruth’s and Landry’s were not available for comment. “While the Mitchell’s restaurants continue to be profitable and generate positive cash flows, the sale of these restaurants will enable us to direct all of our resources toward the continued growth and expansion of our flagship Ruth’s Chris Steak House brand,” Ruth’s CEO Michael O’Donnell said in a statement. In addition to the sale, Ruth’s said it plans to repurchase as much as $50 million in company stock. The sale is expected to close within 75 days, and enables Ruth’s to concentrate on one concept, Ruth’s Chris Steak House. The deal includes 18 Mitchell’s Fish Market locations and three Cameron’s Steakhouse units. for $10 million, significantly less than the $92 million Ruth’s paid for the concept, Winter Park, Fla.-based Ruth’s said Monday. has reached an agreement to sell its Mitchell’s restaurants to Landry’s Inc. Nain Rouge Brewery and Brewery Faisan are on track to open soon in Detroit.Ruth’s Hospitality Group Inc. That doesn’t mean that brewery openings are slowing down though. Crain’s reports that Atwater Brewery has canceled its plans for national distribution with taprooms in North Carolina and Texas. While some breweries such as Axel Brewing Company have shuttered, others are scrapping expansion plans. The craft beer craze seems to be leveling off and Michigan brewers are acting accordingly. Amar originally opened the Fraser outpost in January 2017.Ītwater axes plans for two out-of-state taprooms There’s no date for the opening of the Troy location yet. Hamtramck-based ghost pepper pizza slinger Amar Pizza is relocating its second location from Fraser to a new address in Troy. All three establishments would have a small amount of outdoor seating. According to the proposal, both Slice and Shift would seat 120 people and Sidecar would seat around 50. The owner of Birmingham’s Rojo Mexican Bistro wants to bring three dining establishments - an American restaurant called Shift, a pub called Sidecar, and a pizzeria called Slice - to the spot formerly home to Mitchell’s Fish Market, Crain’s reports. Three new restaurants could land in the former Mitchell’s Fish Market space
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