#MITCHELLS FISH MARKET FULL#

Revenue and same-store sales at the fish market fell 2.8 percent during the third quarter ended Sept. Profit at MitchellвЂ™s has fallen 8.6 percent from 2011 through 2013, even as annual sales during that time increased by nearly $2 million. In recent years, RuthвЂ™s has struggled to improve MitchellвЂ™s Fish MarketвЂ™s sales and profits, and there are signs this year that the conceptвЂ™s struggles have worsened.

#MITCHELLS FISH MARKET FULL#

In 2009, the first full year RuthвЂ™s owned MitchellвЂ™s, the segment provided just $75.5 million in revenue. In early 2008, when RuthвЂ™s acquired MitchellвЂ™s, executives predicted that the fish market and three steakhouses would add $98 million a year to company revenue.Д«ut a recession that began in 2008 interfered. The company has made numerous acquisitions over the years, many of which were of struggling concepts that could be purchased for fairly low prices. Its brands include LandryвЂ™s Seafood, Bubba Gump Shrimp Co., The Oceanaire and McCormick & SchmickвЂ™s, among others. The sale adds another seafood concept to Houston-based LandryвЂ™s portfolio. A spokeswoman for RuthвЂ™s said the company had not announced efforts to sell the concept. вЂњWe are confident that MitchellвЂ™s will complement LandryвЂ™s existing seafood restaurant portfolio.вЂќД®xecutives for both RuthвЂ™s and LandryвЂ™s were not available for comment. вЂњWhile the MitchellвЂ™s restaurants continue to be profitable and generate positive cash flows, the sale of these restaurants will enable us to direct all of our resources toward the continued growth and expansion of our flagship RuthвЂ™s Chris Steak House brand,вЂќ RuthвЂ™s CEO Michael OвЂ™Donnell said in a statement. In addition to the sale, RuthвЂ™s said it plans to repurchase as much as $50 million in company stock.

The sale is expected to close within 75 days, and enables RuthвЂ™s to concentrate on one concept, RuthвЂ™s Chris Steak House. The deal includes 18 MitchellвЂ™s Fish Market locations and three CameronвЂ™s Steakhouse units. for $10 million, significantly less than the $92 million RuthвЂ™s paid for the concept, Winter Park, Fla.-based RuthвЂ™s said Monday. has reached an agreement to sell its MitchellвЂ™s restaurants to LandryвЂ™s Inc. Palmetto Moon sells clothing, footwear and gifts for men, women and kids and is based in Charleston, S.C.RuthвЂ™s Hospitality Group Inc. The Jacksonville Daily Record reports that Palmetto Moon is expected to open a store there by the beginning of April. The old Suite space is currently being renovated. Across the street, The Suite nightclub closed last spring. The property was later converted into CooperвЂ™s Hawk Winery and Restaurants, which remains open. Whiskey River at the Markets at Town Center closed. Johns Town Center, later becoming Ovinte, which closed last summer. The Original Pancake House shut down at the St. Several restaurants and clubs have come and gone in the area over the past few years. The new restaurants include ChuyвЂ™s, Blaze Fast-FireвЂ™d Pizza, Buffalo Wild Wings, CheddarвЂ™s Scratch Kitchen, Firebirds Wood Fired Grill, Red Robin and others. Johns Town Center at The Strand at Town Center and the Town Center Promenade. More than a dozen new restaurants have recently opened near Mitchell's Fish Market, adjacent to the St. The Houston-based company also operates the Chart House on the Southbank and JoeвЂ™s Crab Shack in Jacksonville Beach. An earlier Morton's at Coastline Drive on the Southbank closed in 2012. LandryвЂ™s also operates several other Jacksonville area restaurants, including MortonвЂ™s Steakhouse, which recently opened at the Hyatt Regency Jacksonville Riverfront. WJCT News has reached out to LandryвЂ™s, which is the corporate parent of the shuttered restaurant, but hasnвЂ™t received any comment at the time of this posting.

WJCT News A sign alerts customers that Mitchell's Fish Market has closed.ДЄ sign was posted on the door announcing the closure.

Mitchells fish market