O’Charley’s, a 55-year-old U.S. casual dining chain, has closed all 49 company-owned restaurants after completing a strategic review. Same-store sales fell 13.1% year over year in the second quarter. Parent Cannae’s restaurant division posted a $40 million net loss in the quarter and an operating loss of more than $81 million over the past 12 months. Cannae has invested $170 million in the restaurant group and plans to keep monetizing nonstrategic assets to redeploy capital.