Bloomin' Brands (BLMN) will suspend its dividend. Just a month ago, the company doubled the dividend: On February 20 the casual dining restaurants operator raised its quarterly dividend by 100.0 percent to $0.20 per share.

In today's press release Bloomin' Brands states that due to the current unprecedented global market and economic conditions, the company is withdrawing its financial guidance for the fiscal year ending December 27, 2020 and suspends its dividend.

“In addition to expanding our growing carry-out and delivery business, we have taken actions to tightly manage costs in this new environment,” said Chris Meyer, CFO of Bloomin’ Brands. “These actions, combined with our strong cash reserves, address near-term volatility under current market conditions.”

Bloomin' Brands, Inc. operates casual dining restaurants. Its four brands are Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill and Fleming's Prime Steakhouse & Wine Bar. The Company operates more than 1,450 restaurants in 48 states, Puerto Rico, Guam and 21 countries, some of which are franchise locations. Bloomin' Brands initiated a quarterly dividend in 2015 and had raised its payment every year since prior to the dividend suspension announced in March 2020.