O’Charley’s Closes All Corporate Restaurants Following Strategic Review
O’Charley’s has closed or is in the process of closing all its corporate-owned locations, according to multiple reports. The closures are part of an ongoing strategic portfolio review by Cannae Holdings, which owns O'Charley's and other restaurant assets like Ninety Nine Restaurant & Pub. In February 2026, Cannae’s CEO Ryan Caswell announced a shift in focus toward sports and entertainment-related investments rather than its struggling restaurant division. O’Charley’s has faced declining performance for some time, with same-store sales dropping by 13.1% during the second quarter of 2026. The chain had already closed four locations earlier that year as part of Cannae's $170 million investment in its restaurant group, which still reported a net loss of $40 million for the quarter and an operating loss exceeding $81 million over the past twelve months. The closures reflect broader challenges across casual dining chains. O’Charley’s had 250 units at its peak but now operates just 49 company-owned locations, with many long-standing sites affected by shifting demographics and rising costs.
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