Bloomin' Brands has submitted a $26.3 million offer to acquire 61 Outback Steakhouse locations following a Chapter 11 bankruptcy filing by franchisee Out West Restaurant Group.
Bankruptcy and Acquisition Details
The company is anticipated to act as the "stalking-horse" bidder throughout the bankruptcy sale process. This role establishes an initial baseline offer that other potential bidders can work against.
According to Bloomin' Brands, the filing will not cause any immediate effects for customers, restaurant employees, or the day-to-day operations at the impacted Outback Steakhouse restaurants.
