“More than 60 Outback Steakhouse locations will be sold after franchisee files for bankruptcy”. Here’s where
(Gray News) – One of Outback Steakhouse’s largest franchisees has filed for bankruptcy.
Citing court records, USA Today reported that Cerca Trova Restaurant Group Holdings, operating as Out West Restaurant Group, filed for Chapter 11 bankruptcy on Nov. 2 and sought to sell 61 of its restaurants.
These restaurants are located in Arizona, California, Colorado, Nevada and New Mexico.
This follows the closure of 10 restaurants between October 11 and 25.
According to Fast Company, Cerca Trova and Bloomin’ Brands reached a purchase agreement on November 1st. Under the terms of the agreement, Bloomin’ would purchase all of Cera Trova’s assets for more than $26 million, subject to any higher competing offers.
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