Mergers & Acquisitions ·
Bloomin' Brands agrees to acquire Out West's 61 restaurants for $26.3M as franchisee files Chapter 11
BLMNBloomin' Brands, Inc.
Out West Restaurant Group, an independently owned franchisee operating 61 Outback Steakhouse locations in the western United States, filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code on November 2, 2026. In response, Bloomin' Brands entered into a stalking horse Asset Purchase Agreement to acquire substantially all of Out West's assets for $26.3 million, subject to adjustments for vendor liabilities and DIP financing repayment. The company also agreed to provide up to $5.5 million in debtor-in-possession financing to support operations during the bankruptcy process. The transaction is subject to Bankruptcy Court approval and a competitive bidding process, with an outside closing date of January 31, 2027. Bloomin' Brands operates casual dining restaurant brands including Outback Steakhouse.