Fiesta Restaurant Group Inc., which owns Pollo Tropical and Taco Cabana and has been trying to recover from sales losses even before the pandemic, showed improvement in comparable restaurant sales for the 14-week fiscal fourth quarter 2020, which ended Jan. 3.

"Pollo Tropical comparable restaurant sales accelerated from -11.1% in the third quarter of 2020 to -6.4% in December," Fiesta President and CEO Richard Stockinger said in a company press release. "After adjusting for the estimated impact of named storms in the third and fourth quarters, Pollo Tropical's sales growth would have been even stronger.

Taco Cabana also improved its comparable restaurant sales trend from -14.2% in the third quarter of 2020 to -10.2% in December.

"The sales acceleration at both brands was realized despite closed dining rooms across most units along with continued headwinds in terms of COVID and economic conditions in Florida and Texas," he said.

Along with increasing sales, maximizing liquidity during the COVID-19 crisis has also been a top priority at Fiesta, which is why it recently secured a $75 million term loan.

"(It) allowed us to replace our prior credit agreement with a more flexible and longer-term loan through 2025 that provides ample liquidity during the remainder of this challenging period and beyond," Stockinger said. "The financial covenants of the loan are more flexible, requiring only a minimum liquidity requirement of $20 million through 2021."

Stockinger said the brand's progress in reducing debt from the beginning of the pandemic in mid-March combined with the loan new will help it exit the crisis in a much stronger financial position.

"As we begin 2021, our focus will continue to be on driving profitable sales growth by increasing capacity and ease of use through channels most desired by consumers including online ordering, drive-thru, pickup and delivery, and selectively opening dining rooms in situations in which we can achieve profitable sales," he said. "As we did in 2020, we will continue to focus our investments on improving the customer experience in those desired channels through a number of initiatives including curbside enhancements, such as geofencing, drive-thru experience upgrades for faster ordering and payment, including digital menu boards, and ongoing app and loyalty platform improvements."

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