# Out West files bankruptcy as Outback parent Bloomin' Brands eyes acquisition

> Out West Restaurant Group, a 61-unit Outback Steakhouse franchisee, filed for Chapter 11 bankruptcy and is set to be acquired by Bloomin' Brands.
- Title: Out West files bankruptcy as Outback parent Bloomin' Brands…
- Summary: Out West Restaurant Group, a 61-unit Outback Steakhouse franchisee, filed for Chapter 11 bankruptcy and is set to be acquired by Bloomin' Brands.
- Keywords: out west restaurant group, outback steakhouse, bloomin brands, chapter 11 bankruptcy, franchisee, 61 units, dip financing, acquisition, food, business, West, files
- Source: Nation's Restaurant News — https://nrn.com/casual-dining/a-61-unit-outback-steakhouse-franchisee-files-for-bankruptcy
- Read time: 1 min
- Topics: out west restaurant group, outback steakhouse, bloomin brands, chapter 11 bankruptcy, franchisee, 61 units, dip financing, acquisition, food, business
## Out West files bankruptcy
Out West Restaurant Group, a 61-unit Outback Steakhouse franchisee, filed for Chapter 11 bankruptcy in Delaware court.
## Bloomin' Brands eyes acquisition
Bloomin' Brands, Outback's parent company, expects to be named the stalking-horse bidder for Out West's assets.
## Out West's financials
Out West reported between $10 million and $50 million in assets and liabilities in its bankruptcy filing.
## Key creditors
Out West's largest unsecured creditors are Performance Food Group with over $4 million and Matern Law Group with over $1.6 million.
## Out West's history
Founded in 1992 as T-Bird Restaurant Group, Out West became Bloomin' Brands' first franchisee and helped bring Outback to the West Coast.
## Acquisition details
Bloomin' Brands is providing $5.5 million in debtor-in-possession financing and a $26.3 million bid to acquire Out West's assets.
## Purchase price adjustments
The $26.3 million bid could increase by up to $6.1 million if vendor liabilities exceed $6.1 million at closing.
## Out West's role
Out West was the largest Outback franchisee with 100 locations before rebranding as Cerca Trova Restaurant Concepts in 2018.
## Outback's turnaround
Outback has shown recent sales growth with 1.4% same-store sales rise and 2.8% traffic decline in the last quarter.
## Bloomin' Brands' response
Bloomin' Brands called the bankruptcy an 'isolated incident' that will not affect corporate operations or financing.
## Key takeaway

Out West Restaurant Group, a 61-unit Outback Steakhouse franchisee, filed for Chapter 11 bankruptcy and is set to be acquired by Bloomin' Brands.