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61-Unit Outback Steakhouse Franchisee Files for Bankruptcy
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Outback Steakhouse franchisee Out West Restaurant Group filed for bankruptcy Monday, and parent company Bloomin' Brands agreed to purchase substantially all of the operator's assets through a court-supervised sale.
Out West operates 61 Outback restaurants in the western U.S. The independently owned franchisee, formally known as Cerca Trova Restaurant Group Holdings, filed in the U.S. Bankruptcy Court for the District of Delaware.
Bloomin' signed an asset purchase agreement Sunday with a starting purchase price of $26.3 million, subject to adjustments and the assumption of certain liabilities. The restaurant company also agreed to provide up to $5.5 million in interest-free financing to support Out West during the bankruptcy proceedings.
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