In the casual dining scene one these days probably doesn’t imagine Outback Steakhouse as the place to go. The long forgotten chain resurfaced in the news this week amid a major restructuring effort to gain a foothold in a modern era.
The Lowdown
In the latest sign of economic struggles in the modern era, restaurant chain Outback Steakhouse has announced that it has closed 21 locations as part of a major restructuring effort. Per a filing on Tuesday the mass shutterings actually occurred back in October but are only just now becoming news. According to the same filing 22 more locations will close over the next four years as the company bargains on hopes that it can make a complete comeback.
This year alone Outback’s parent company Bloomin Brands has suffered a 40% stock decline. Other brands affected also include Carrabba’s and Bonefish.