Bloomin' Brands, Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
- Operating Lease Liability: not reported in this period (annual-only)
Liquid Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
- Operating Lease Liability: not reported in this period (annual-only)
- Accounts Receivable: not reported
Operating Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
- Operating Lease Liability: not reported in this period (annual-only)
- Accounts Receivable: not reported
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-1.77B | $-20.74 |
| Liquid Liquidation Value | $-1.77B | $-20.74 |
| Operating Liquidation Value | $-1.72B | $-20.12 |
Key Components (as of 2026-03-29)
| Cash & Equivalents | $71.30M |
| Accounts Receivable | N/A |
| Inventory | $53.20M |
| Current Liabilities | $799.88M |
| Long-term Debt (?) | $752.61M |
| Op. Lease Liability (?) | $1.04B |
| Finance Lease (?) | $7.22M |
| Shares Outstanding | 85.4M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-29 | $71.30M | N/A | $53.20M | $144.52M | $799.88M | $752.61M | $1.04B | $7.22M |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-29 | 10-Q | 2026-05-07 | View |
| 2025-12-28 | 10-K | 2026-02-25 | View |
| 2025-09-28 | 10-Q | 2025-11-06 | View |
| 2025-06-29 | 10-Q | 2025-08-07 | View |
| 2025-03-30 | 10-Q | 2025-05-08 | View |
| 2024-12-29 | 10-K | 2025-02-26 | View |
| 2024-09-29 | 10-Q | 2024-11-08 | View |
| 2024-06-30 | 10-Q | 2024-08-07 | View |
AI Insights
Bloomin' Brands (BLMN) presents a deeply negative liquidation posture as of March 29, 2026, consistent with the MFFAIS-reported cash liquidation value of approximately negative $1.78 billion. The structural drivers are unchanged from the prior 10-K period: a balance sheet dominated by intangibles, operating lease right-of-use assets, and goodwill on the asset side, offset by a liability stack that includes $755 million in face-value funded debt, $1.22 billion in ASC 842 operating lease liabilities ($177M current, $1.04B noncurrent), and $321 million in deferred gift card revenue that extinguishes at face value in liquidation.
Applying liquidation haircuts: Cash of $71.3M recovers at par. Inventory of $53.2M recovers at roughly $32M (60%). Net PP&E plus finance lease ROU of $899M recovers at $450M-$629M (50-70%). Goodwill of $185M and intangibles of $424M recover at zero. Operating lease ROU of $977M recovers at zero as an accounting construct, while the corresponding $1.22B liability remains at face. The equity method investment in Brazil ($66.4M) recovers at an uncertain fraction given minority position and currency risk. Deferred tax asset of $242.5M is not monetizable in liquidation. Total tangible asset recovery is roughly $600M-$800M against liabilities of $2.72B at face, producing a recovery to equity that is sharply negative, in the range of negative $1.7B to negative $1.9B, consistent with published LLV/CLV figures.
Compared to the prior 10-K (December 28, 2025 period), the current quarter shows: total debt declined modestly from $790M to $755M (net revolving paydowns), total assets declined from $3.17B to $3.11B, and operating lease liabilities are broadly stable. The Q1 2026 10-Q reports $5.5M in asset impairment and restaurant closing charges (vs. $0.4M in Q1 2025), reflecting accelerating closure activity under the turnaround plan, which reduces PP&E carrying value marginally but confirms ongoing restaurant-count shrinkage (962 company-owned units vs. 980 a year ago). No goodwill impairment charge was taken in this quarter. The filing discusses accelerated depreciation associated with equipment upgrades under the turnaround strategy in MD&A but does not separately XBRL-tag the accelerated component. Working capital deficit improved slightly to negative $591M from negative $609M at year-end, primarily due to gift card redemption seasonality reducing the ContractWithCustomerLiabilityCurrent balance.
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