Bloomin' Brands moves to acquire 61 restaurants from franchisee
Bloomin' Brands plans to buy 61 Outback Steakhouse locations from a franchisee that filed for bankruptcy.
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(Photo via Fox Business)
The parent company of Outback Steakhouse, Bloomin' Brands, has initiated plans to purchase 61 restaurant locations currently operated by a franchisee that has filed for bankruptcy.
The franchisee, identified as Out West, entered bankruptcy proceedings, prompting the $26.3 million acquisition deal. The transaction is currently pending approval from the court.
According to reports published on Nov. 3, the acquisition would bring the 61 locations under the direct control of Bloomin' Brands if the agreement receives the necessary judicial authorization.