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Outback Steakhouse’s parent company, Bloomin’ Brands, plans to acquire 61 restaurants operated by a major franchisee who has filed for Chapter 11 bankruptcy protection.
Out West Restaurant Group, which operates Outback Steakhouse locations across the Western United States, filed for bankruptcy protection in Delaware on Monday, according to a filing with the Securities and Exchange Commission.
Bloomin’ Brands has entered into an agreement to purchase the assets of Out West for approximately $26.3 million, subject to certain adjustments and the assumption of specified liabilities.
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Outback Steakhouse (iStock)
The company is expected to serve as a “workhorse” in the bankruptcy sales process, establishing an initial offer that other potential buyers can seek to exceed. The transaction remains subject to bankruptcy court approval.
Bloomin’ Brands also agreed to provide up to $5.5 million in interest-free debtor-in-possession financing to support Out West’s operations during the Chapter 11 proceeding, subject to court approval.
Customers enter an Outback Steakhouse restaurant at Queens Place Mall in the Queens borough of New York, United States, Friday, November 9, 2012. (Getty Images)
Out West intends to continue operating its restaurants throughout the bankruptcy process, according to the SEC filing.
Bloomin’ Brands said the filing would have no immediate impact on customers, restaurant employees or the daily operations of the affected Outback Steakhouse locations.
The bankruptcy involves restaurants operated by the franchisee rather than establishments owned by the Bloomin’ Brands company.
Outback Steakhouse Location (Getty Images)
Out West is affiliated with the Cerca Trova Restaurant Group, which operates Outback Steakhouse restaurants in several Western states, including California, Arizona, Nevada, Colorado and New Mexico.
The proposed acquisition could bring franchised restaurants under control of Bloomin’ Brands if the company prevails in the court-supervised sale process.
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Bloomin’ Brands also owns Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar.
Reuters contributed to this report.
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