Bloomin' Brands agrees to buy assets of bankrupt franchisee Out West for $26.3 million
Out West, an independent Bloomin' Brands franchisee operating 61 Outback Steakhouse restaurants in the western United States, filed for Chapter 11 bankruptcy on November 2, 2026. Bloomin' Brands agreed on November 1, 2026 to act as stalking horse bidder for substantially all of Out West's assets, subject to Bankruptcy Court approval and competing offers. The company said the Chapter 11 filing has no immediate impact on guests, employees or daily operations, but the filing states there is no assurance the asset purchase will close or that the outcome will not hurt its reputation, results, cash flows or financial condition.
Key points
- Out West filed Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware on November 2, 2026, and will operate as debtor in possession.
- Stalking horse Asset Purchase Agreement dated November 1, 2026 sets a price of $26.3 million, less amounts owed under the DIP Facility, with adjustments tied to $6.1 million of specified vendor liabilities.
- Bloomin' Brands agreed to provide up to $5.5 million of interest-free debtor-in-possession financing, with $1.5 million available after interim court approval.
- The outside closing date for the asset purchase is January 31, 2027; the 2023 Resolution Agreement with Out West and its lenders is subject to the automatic stay in the Chapter 11 case.
The filing
Written by AI on Nov 9, 2026, 8:38 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 02, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.