Outback Steakhouse franchisee files for bankruptcy, 61 locations to close
Summarised from 3 outlets · Updated 8 Nov, 18:13 · Archive
One of Outback Steakhouse's largest franchisees has filed for Chapter 11 bankruptcy and is seeking to sell off 61 restaurants.
Cerca Trova Restaurant Group Holdings, operating as Out West Restaurant Group, filed for Chapter 11 bankruptcy on 2 November. The company, one of Outback Steakhouse's largest franchisees, is seeking to sell off 61 of its restaurants located in Arizona, California, Colorado, Nevada and New Mexico.
The bankruptcy filing follows the closure of ten restaurants operated by the group between 11 and 25 October. Those earlier closures suggested financial difficulties within the franchisee's operations before the formal Chapter 11 filing.
Bloomi' Brands, Outback Steakhouse's parent company, entered into a purchase agreement with Cerca Trova on 1 November, a day before the bankruptcy filing. Under the agreement, Bloomin' Brands would purchase all of Cerca Trova's assets for more than $26 million.
The purchase remains subject to competing offers. The sale process suggests that Bloomin' Brands is seeking to acquire the operations directly, potentially allowing the company to maintain continuity of some locations or restructure operations under its direct control.
How it is being reported
- 60+ Outback Steakhouse locations to close after franchisee files for bankruptcy. Here’s whereOne of Outback Steakhouse’s largest franchisees has filed for bankruptcy.Wandtv · 8 Nov, 17:35
- 60+ Outback Steakhouse locations to close after franchisee files for bankruptcy. Here’s whereOne of Outback Steakhouse’s largest franchisees has filed for bankruptcy.Kfvs12 · 8 Nov, 17:35
- 60+ Outback Steakhouse locations to close after franchisee files for bankruptcy. Here’s whereOne of Outback Steakhouse’s largest franchisees has filed for bankruptcy.WIFR · 8 Nov, 17:35
In this story: Cerca Trova Restaurant Group Holdings · Out West Restaurant Group · Outback Steakhouse · Bloomin' Brands · Arizona · California · Colorado · Nevada
This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log
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