J. Alexander’s Holdings, Inc. — the Nashville, Tenn.-based parent company of J. Alexander’s Restaurant, Stoney River Legendary Steaks, and Redland Grill — provided a business update Tuesday after announcing in December that the company would be “pursuing strategic alternatives” following a tough year due to the economic effects of COVID-19.
The company did not discuss the results of the analysis so far, with J. Alexander’s chairman of the board, Lonnie J. Stout, saying that they have “committed to completing” the review as their restaurants slowly move toward full indoor dining capacity again.
As they previously reported, in October, the company’s sales were down 10% and in November sales were down 20%. Now the company has reported that in December sales were also down nearly 20% from the previous year, though when excluding the additional week in the month, December sales were down 35% from the previous year — with approximately in $850,000 weekly carryout sales — mainly due to continued indoor dining restrictions. In January, sales slightly improved and were down approximately 25% from January 2020, as COVID-19 restrictions began to ease.
“We are encouraged by the progress that we’ve seen over the first few weeks of 2021, and we’re excited by the upcoming opening of our first ground-up build of a Redlands Grill restaurant, which is set to open on March 29, 2021 in the La Cantera Heights area of San Antonio, Texas,” Mark A. Parkey, president and CEO of J. Alexander’s Holdings said in a statement.
As of Feb. 7, the company is operating at approximately 60% capacity across its 46 locations. J. Alexander’s Holdings declined to provide guidance for fiscal 2021 in light of the ongoing pandemic.
Contact Joanna Fantozzi at [email protected]
Follow her on Twitter: @joannafantozzi