FORT LAUDERDALE, Fla., March 24,
2020 /PRNewswire/ -- Flanigan's Enterprises, Inc. (NYSE
American: BDL) today provides the following in response to the
COVID-19 outbreak:
- As per governmental directives to close our restaurants and
reduce operating hours in our retail package liquor stores, we have
temporarily shifted to a take-out or delivery only operating model
in our company-owned or operated restaurants and have reduced the
hours of operation of our retail package liquor stores.
- We have begun to layoff what we expect to be a significant
number of our employees as we begin to assess our employment needs
to service the newly implemented take-out and delivery and reduced
hours operating models.
- Our previously announced cash dividend of $.30 per share to shareholders of record on
March 20, 2020 and payable on
April 3, 2020 is cancelled and will
not be paid.
"The health and safety of our customers, team members and their
families is our top priority," said James
G. Flanigan, CEO and Chairman of the Board of Flanigan's
Enterprises, Inc. "We remain committed to servicing our communities
as we navigate through the current environment. As part of this
effort, we will leverage our take-out service and delivery network
to customers at home."
"In addition to attempting to expand our take-out and delivery
business, we are seeking ways to take action to tightly manage
costs in this new volatile environment," said James G. Flanigan, CEO of Flanigan's
Enterprises, Inc.
About Flanigan's Enterprises, Inc.
Flanigan's
Enterprises, Inc. owns and operates the "Flanigan's Seafood Bar and
Grill" restaurants and "Big Daddy's" retail package liquor stores.
For more information, please visit www.flanigans.net.
Forward-Looking Statements
Certain statements
contained herein are not based on historical fact and are
"forward-looking statements" within the meaning of applicable
securities laws. Generally, these statements can be identified by
the use of words such as "guidance," "believes," "estimates,"
"anticipates," "expects," "on track," "feels," "forecasts,"
"seeks," "projects," "intends," "plans," "may," "will," "should,"
"could," "would" and similar expressions intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. These forward-looking
statements include all matters that are not historical facts. By
their nature, forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from the Company's forward-looking statements. These risks and
uncertainties include, but are not limited to: the effects of the
COVID-19 outbreak and uncertainties about its depth and duration,
as well as the impacts to economic conditions and consumer
behavior; the outcome of our review of strategic alternatives,
including the impact on our ongoing business, our stock price and
our ability to successfully implement any alternatives that we
pursue including our ability to achieve the cost savings described
in this release; consumer reaction to public health and food safety
issues; competition; increases in labor costs; government actions
and policies; increases in unemployment rates and taxes; local,
regional and national economic conditions generally; consumer
confidence and spending patterns; price and availability of
commodities; the effects of changes in tax laws; challenges
associated with our remodeling, relocation and expansion plans;
interruption or breach of our systems or loss of consumer or
employee information; political, social and legal conditions and
their effects on operations; our ability to preserve the value of
and grow our brands; the seasonality of the Company's business;
weather, acts of God and other disasters; changes in patterns of
consumer traffic, consumer tastes and dietary habits; the cost and
availability of credit; interest rate changes; compliance with debt
covenants and the Company's ability to make debt payments and
planned investments. Further information on potential factors that
could affect the financial results of the Company and its
forward-looking statements is included in its most recent Form 10-K
and subsequent filings with the Securities and Exchange Commission.
The Company assumes no obligation to update any forward-looking
statement. These forward-looking statements speak only as of the
date of this release. All forward-looking statements are qualified
in their entirety by this cautionary statement.
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SOURCE Flanigan's Enterprises, Inc.