The Company's board of directors also appointed Marc Zanner to the Company's board, which will expand the board from seven to eight members.
Red Robin Gourmet Burgers, Inc., (NASDAQ: RRGB), a casual dining restaurant chain focused on serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today announced the approval by its board of directors for new restaurant development during 2010, and announced the appointment of Marcus 'Marc' Zanner to the Company's board of directors effective June 3, 2009.
The Company's board of directors has recently approved the development of 15 new company-owned Red Robin(R) restaurants in 2010. While planned locations, timing of openings and other details related to new Red Robin restaurant development in 2010 are not available at this time, the Company will maintain broad flexibility and strong capital deployment discipline in any new restaurant development decisions. The Company plans to continue funding new company-owned restaurant development in 2009 and 2010 with operating cash flow and use additional free cash flow to pay down debt and make opportunistic repurchases of the Company's common stock. As previously announced, in fiscal 2009 the Company plans to open 14 to 15 new company-owned restaurants, while franchisees are expected to open five to six new restaurants. Ten new company-owned Red Robin(R) restaurants and three new franchised restaurants have already opened so far in 2009.