Bloomin Brands Moves to Acquire 61 Outback Steakhouse Restaurants

Bloomin Brands is seeking control of 61 Outback Steakhouse restaurants operated by franchisee Out West Restaurant Group after the operator filed for Chapter 11 bankruptcy protection in Delaware on Monday, Nov. 2, 2026. The proposed $26.3 million acquisition would bring the locations under the parent company's control through a court-supervised sale process.

According to a filing with the Securities and Exchange Commission, Bloomin Brands has agreed to purchase Out West's assets for approximately $26.3 million, subject to adjustments and the assumption of specified liabilities.

Bloomin Brands is expected to act as the "stalking-horse" bidder, establishing an initial purchase offer that other prospective buyers can attempt to exceed during the bankruptcy sale process. The proposed transaction requires approval from the bankruptcy court.

The agreement also includes up to $5.5 million in interest-free debtor-in-possession financing from Bloomin Brands. The funding is intended to support Out West's business operations during Chapter 11 proceedings and is also subject to court approval.

Out West plans to keep its restaurants open while the bankruptcy process moves forward, according to the SEC filing. Bloomin Brands said the filing will not immediately affect customers, restaurant employees or normal operations at the affected locations.

The bankruptcy proceeding concerns restaurants operated by the franchisee, not locations directly owned by Bloomin Brands. Out West is affiliated with Cerca Trova Restaurant Group, which operates Outback Steakhouse restaurants across several western states.

The franchisee's operating territory includes California, Arizona, Nevada, Colorado and New Mexico. The proposed acquisition would transfer the affected restaurant assets to Bloomin Brands if the company succeeds in the court-supervised bidding process.

Bloomin Brands operates several restaurant chains in addition to Outback Steakhouse, including Carrabba's Italian Grill, Bonefish Grill and Fleming's Prime Steakhouse & Wine Bar.

The acquisition remains subject to bankruptcy court approval, while Out West intends to continue operating its restaurants throughout the Chapter 11 proceedings, according to the company's SEC filing.