O’Charley’s shuts all company-owned restaurants amid Cannae’s strategic review
The casual-dining chain O’Charley’s is closing its remaining 49 company-owned locations as its owner Cannae Holdings focuses on higher-return assets.
O’Charley’s is in the process of closing all of its remaining company-owned restaurants, according to multiple media reports and a phone message left at two Kentucky locations. The closures follow a strategic portfolio review by its owner, Cannae Holdings, which has said it will shift capital toward sports and entertainment-related assets.
Cannae’s chief executive Ryan Caswell told investors in February that the firm would concentrate on “higher returning opportunities” and was exploring “strategic alternatives” for its restaurant group. In a May earnings call he added that the board’s focus was on monetising restaurant assets and redeploying the proceeds.
The chain, which once operated about 250 units, had 49 company-owned restaurants and three franchised sites across 13 Midwestern and Southern states at the end of the second quarter. Sales at existing locations fell 13.1% year-over-year, and the restaurant division posted a $40 million net loss for the quarter and an $81 million operating loss for the twelve months ending June 30, 2026. Cannae had invested $170 million in the group but said the ongoing losses prompted the review.
O’Charley’s website is offline and the brand has no active social-media presence aside from a sparse LinkedIn page. A franchisee, Covelli Enterprises, received a temporary extension to keep one of its three locations open through the end of the month, but the company did not respond to requests for comment.