Bloomin' Brands Moves to Reclaim 61 Outback Steakhouse Locations

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.

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.