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Out West Restaurant Group, an Outback Steakhouse franchisee, files for bankruptcy

FSR +1 · ·by G4L

BLMN
BLMN Bloomin Brands Inc
$10.23 +3.02%
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  1. 1Out West Restaurant Group filed for bankruptcy in Delaware federal bankruptcy court on Monday.
  2. 2Bloomin' Brands agreed to purchase most assets with a starting price of $26.3 million, contingent on debt restructuring and specific debt assumptions.
  3. 3Bloomin' Brands agreed to provide up to $5.5 million in interest-free financial support to Bloomin'.

So what's the key point?

Out West Restaurant Group, an Outback franchisee, has filed for bankruptcy due to management difficulties. Bloomin' Brands has agreed to buy most of the company's assets for $26.3 million.

Source FSR +1 · View original ↗

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