Bloomin’ Brands Agrees to $26.3 Million Stalking Horse Bid
The bid covers 61 Outback Steakhouse restaurants owned by franchisee Out West, which filed for Chapter 11 bankruptcy on November 2, 2026. Bloomin’ Brands also committed up to $5.5 million in interest-free debtor-in-possession financing. The proposed transaction requires court approval and may face competing bids.
Bloomin' Brands has entered into an agreement to serve as the stalking horse bidder for substantially all assets of Out West, its largest franchisee, which filed for Chapter 11 bankruptcy protection on November 2, 2026. The bid, valued at $26.3 million, includes 61 Outback Steakhouse restaurants and is intended to set a floor for the asset sale and mitigate service disruptions. Additionally, Bloomin' Brands has committed to providing up to $5.5 million in interest-free debtor-in-possession financing to support the franchisee's operations throughout the bankruptcy process. The proposed transaction remains subject to court approval and the potential for competing bids.