Company: RRGB
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001171759-25-000028
Chunk: 13

Company: RED ROBIN GOURMET BURGERS INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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5, the Company sold three restaurant properties for total proceeds of $5.8 million that resulted in a gain, net of expenses of $1.1 million. The net proceeds are included within cash flows from investing activities on the Condensed Consolidated Statements of Cash Flows and were used to repay long-term debt.During the year to date period of fiscal 2024, the Company sold ten restaurant properties for total proceeds of $23.9 million in a sale-leaseback transaction that resulted in a gain, net of expenses of $7.4 million. The net proceeds are included within cash flows from investing activities on the Condensed Consolidated Statements of Cash Flows.Asset Impairment and Restaurant Closure Costs, netDuring the second quarter and year to date periods of fiscal 2025, the Company recognized $1.1 million and $2.1 million, respectively, of rent and other costs associated with approximately ten closed locations. In addition, the Company recognized non-cash impairment charges of $0.7 million in the second quarter and year to date periods of fiscal 2025, related to restaurant closures. These charges were offset by net lease remeasurement gains of $3.5 million and $4.2 million in the second quarter and year to date periods of fiscal 2025, respectively, related to early lease terminations and other modifications to lease terms.During the second quarter and year to date periods of fiscal 2024, the Company recognized $0.4 million and $0.6 million, respectively, of rent and other costs associated with approximately twelve closed locations. In addition, the Company recognized non-cash impairment charges of $1.1 million in the second quarter and year to date periods of fiscal 2024, related to restaurant closures. These charges were offset by net lease remeasurement gains of $0.0 million and $2.1 million in the second quarter and year to date periods of fiscal 2024, respectively, related to early lease terminations and other modifications to lease terms.Severance and Executive TransitionDuring the second quarter and year to date periods of fiscal 2025, the Company recorded approximately $3.1 million and $4.2 million, respectively, in executive severance and transition costs associated with changes in executive leadership positions. These charges were offset in part by a stock-based compensation benefit of $3.9 million and $4.1 million, respectively, related to the forfeiture