Bloomin' Brands' Out West Restaurant Group files Chapter 11 for 61 Outback Steakhouse locations
BLMN•Out West Restaurant Group filed for Chapter 11 bankruptcy covering 61 Outback Steakhouse locations. Bloomin' Brands expects to serve as stalking horse bidder, offering $26.3 million for the assets and up to $5.5 million in interest-free debtor-in-possession financing.
1. Bankruptcy filing and bid
Out West Restaurant Group filed for Chapter 11 bankruptcy for 61 Outback Steakhouse locations. Bloomin' Brands said it expects to be the stalking horse bidder in the asset sale and will buy the assets for $26.3 million, assuming certain liabilities.
2. Operations to continue
Bloomin' Brands will provide up to $5.5 million in interest-free debtor-in-possession financing. Out West intends to continue day-to-day operations during the Chapter 11 process; the filing has no immediate impact on co-owned Outback Steakhouse guests, restaurant team members or daily operations.
