Several Red Robin locations will soon be under new ownership as part of a $23.5 million deal.
WASHINGTON — National burger chain Red Robin has announced it is selling 30 of its company-owned restaurants in the Pacific Northwest to convert them into franchises.
The sale to Evergreen Dining LLC is valued at $23.5 million.
Red Robin said in a press release that the proceeds from the sale will be primarily used to pay down debt while focusing on priorities from its “First Choice Plan.”
The companies said the restaurants being purchased are in Washington and Western Idaho and will continue operating under the same Red Robin brand. The companies did not say which specific locations are part of the sale.
They expect the deal to close later this year.
Red Robin previously said it plans to close 20 restaurants this year, according to the Denver Business Journal.
As of April, Red Robin had 379 company-owned restaurants in 39 states and 90 franchised restaurants in 13 states, according to a filing with the U.S. Securities and Exchange Commission.
Red Robin’s “First Choice Plan” was introduced in July 2025 and one of its stated goals was to manage expenses and assets to reduce debt and allow for investments, including through refranchising “select company owned restaurants and markets.”
During a May earnings call, Red Robin President and CEO David Pace said the company was in the “final stages of discussions” with multiple parties about turning some current locations into franchises.
“We are confident Evergreen Dining is the right partner to accelerate growth at these locations while also helping us strengthen our balance sheet, improve our capital structure, and enhance our financial flexibility as we evaluate potential refinancing partners,” Pace said in Thursday’s press release.
