Red Robin Gourmet Burgers, Inc., (NASDAQ: RRGB), a casual dining
restaurant chain focused on serving an innovative selection of
high-quality gourmet burgers in a family-friendly atmosphere, today
announced the approval by its board of directors for new restaurant
development during 2010, and announced the appointment of Marcus “Marc”
Zanner to the Company’s board of directors effective June 3, 2009.
The Company’s board of directors has recently approved the development
of 15 new company-owned Red Robin® restaurants in 2010. While planned
locations, timing of openings and other details related to new Red Robin
restaurant development in 2010 are not available at this time, the
Company will maintain broad flexibility and strong capital deployment
discipline in any new restaurant development decisions. The Company
plans to continue funding new company-owned restaurant development in
2009 and 2010 with operating cash flow and use additional free cash flow
to pay down debt and make opportunistic repurchases of the Company’s
common stock. As previously announced, in fiscal 2009 the Company plans
to open 14 to 15 new company-owned restaurants, while franchisees are
expected to open five to six new restaurants. Ten new company-owned Red
Robin® restaurants and three new franchised restaurants have already
opened so far in 2009.
The Company’s board of directors also appointed Marc Zanner to the
Company’s board, which will expand the board from seven to eight
members. Mr. Zanner is the former president and majority owner of Great
Western Dining, which operated more than 40 restaurants, including the
13 Red Robin® restaurants in Washington that were purchased by the
Company in 2006. He was associated with the institutional sales division
of Merrill Lynch for 12 years and has been a member of the board of
directors of Fortune Bank in Seattle, Wash., since September 2008. He
has also served on the board of directors for the Washington Restaurant
Association and the National Restaurant Association. Mr. Zanner
graduated from the University of Washington in 1972 with a bachelor’s
degree in business administration.
“On behalf of the entire board, I am delighted to welcome Marc Zanner to
the board of directors of Red Robin,” said Dennis Mullen, Red Robin
Gourmet Burgers, Inc. chairman and chief executive officer. “With his
extensive restaurant and financial services experience, his strong
leadership background and deep understanding of the Red Robin brand and
culture, Marc will be an extremely valuable addition to our board.”
About Red Robin Gourmet Burgers, Inc.
