TEXAS ROADHOUSE,INC. (NASDAQ:TXRH) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On March31, 2017, Texas Roadhouse,Inc. (the Registrant) and its
subsidiaries Texas Roadhouse Holdings LLC and Texas Roadhouse
Management Corp. (collectively, Registrant and these
subsidiaries, for purposes of this filing, Texas Roadhouse)
entered into a consent decree (the Consent Decree) with the Equal
Employment Opportunity Commission (the EEOC). The Consent Decree
settles the previously disclosed EEOC lawsuit alleging that,
during the time period of January1, 2007 through December31,
2014, applicants age 40 and over were denied employment by Texas
Roadhouse at company owned or managed restaurants in bartender,
host, server and server assistant positions (FOH Positions) due
to their age, in violation of the Age Discrimination in
Employment Act of 1967, as amended (the ADEA). The Consent Decree
was entered in the United States District Court, District of
Massachusetts, Civil Action Number1:11-cv-11732.
The key terms of the Consent Decree include:
the Consent Decree completely resolves all issues that were
raised in EEOCs Charge dated March30, 2009, and the subsequently
filed civil litigation;
Texas Roadhouse denies liability, and expressly denies that Texas
Roadhouse has engaged in any policy, pattern, or practice of
unlawful discrimination as alleged by the EEOC in the litigation;
Texas Roadhouse will engage in proactive recruiting efforts to
encourage applicants for FOH Positions who are age 40 or over and
is enjoined from violating the ADEA with respect to applicants
for FOH positions;
Texas Roadhouse will provide additional ADEA training to
personnel involved in and overseeing hiring;
Texas Roadhouse will enable voluntary date of birth collection in
its electronic application system, and will report to a third
party monitor on application, hiring, and representation rates of
people age 40 or older with respect to FOH Positions;
Texas Roadhouse will establish a fund of $12 million, from which
awards of monetary relief, allocated as wages for tax purposes,
may be made to eligible claimants in accordance with procedures
set forth in the Consent Decree, with any unallocated funds
distributed to one or more mutually agreed upon
501(c)(3)organization(s)that addresses age discrimination or
age-related employment opportunities, including but not limited
to those with a particular focus on the employment concerns of
veterans over age 40; and
the Consent Decree will remain in effect for forty-two (42)
months.
This description is a summary and does not purport to be a
complete description of the Consent Decree. It is qualified in
its entirety by reference to the Consent Decree, which is
attached hereto as Exhibit10.1 and incorporated herein by
reference.
Item7.01 RegulationFD Disclosure.
The Company has recorded a charge of approximately $12.0 million
in the first quarter of 2017 based on the terms set forth in the
Consent Decree.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
|
Document |
10.1 |
Consent Decree dated March31, 2017, among Texas |
About TEXAS ROADHOUSE, INC. (NASDAQ:TXRH)
Texas Roadhouse, Inc. is a restaurant company, which operates in the casual dining segment. The Company offers an assortment of seasoned and aged steaks, all cooked over open grills and all but one hand cut daily on the premises. Its restaurants offer a range of menu items at prices that are designed to appeal to a range of consumer tastes. The Company also offers its guests a selection of ribs, fish, seafood, chicken, pork chops, pulled pork and vegetable plates, and an assortment of hamburgers, salads and sandwiches. The Company offers an assortment of wings, sandwiches, pizzas and burgers, including its bacon grind patty. In addition, the Company also offers its guests a selection of chicken, beef, fish and seafood. Other menu items include specialty appetizers, such as the Cactus Blossom and Rattlesnake Bites. As of December 27, 2016, the Company had 23 franchisees that operated 86 Texas Roadhouse restaurants in 23 states and six foreign countries. TEXAS ROADHOUSE, INC. (NASDAQ:TXRH) Recent Trading Information
TEXAS ROADHOUSE, INC. (NASDAQ:TXRH) closed its last trading session 00.00 at 44.37 with 713,266 shares trading hands.