Bloomin' Brands is acting as the stalking horse bidder for the assets, a move designed to stabilize operations while the court evaluates potential competing offers. Beyond the purchase price, the parent company committed $5.5 million in interest-free financing to cover immediate operating expenses and legal costs during the bankruptcy proceedings.
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Bloomin' Brands Moves to Reclaim 61 Outback Steakhouse Locations
A $26.3 million asset purchase agreement marks the latest effort by Bloomin' Brands to consolidate its footprint after Out West Restaurant Group sought Chapter 11 protection. The deal, filed in a Delaware bankruptcy court, aims to secure the future of 61 western U.S. Outback Steakhouse locations currently under independent franchise management.
Management stated the acquisition will grant the company direct oversight of the sites, clearing the way for capital improvements. For the workforce and patrons, the company anticipates no immediate changes to daily restaurant functions as the transition moves through the legal system.
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