BJ’s Restaurants fully draws on $250 million line of credit

Chicago, March 23 – BJ’s Restaurants, Inc., citing an “abundance of caution,” has drawn down all remaining amounts under its $250 million line of credit.

The company reports that it has $95 million of cash on its balance sheet, according to a corporate update.

BJ’s has moved to takeout and delivery from its dine-in restaurants throughout all of its locations in response to the ongoing global pandemic.

“In these early days with mandated dining room closures, our off-premise sales through takeout and delivery channels have increased as our guests are shifting how they enjoy our food. In the current environment, our focus is on continuing to drive growth in our off-premise business while prudently managing costs. The number of restaurants remaining open may change due to the fluidity of the situation and changing ordinances,” Greg Tojan, chief executive officer of BJ’s Restaurants, said in the release.

The company has also deferred a $0.13 per share dividend on its common stock to enhance the company’s liquidity.

BJ's owns and operates casual dining restaurants and is based in Huntington Beach, Calif.

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