Outback Steakhouse's once-biggest franchisee filed for bankruptcy over rising costs

What happened: The operator of 61 Outback Steakhouse restaurants, once the chain's largest franchisee, filed for bankruptcy over rising costs. Bloomin' Brands agreed to buy its assets, subject to higher bids and court approval. Key numbers: Purchase price of $26.3 million; 61 restaurants. Why it matters: The deal would return a large block of franchised locations to the parent company, pending court approval and any competing bids.

The operator of 61 Outback Steakhouse restaurants, once the chain's largest franchisee, filed for bankruptcy over rising costs. Bloomin' Brands agreed to buy its assets, subject to higher bids and court approval.

The deal would return a large block of franchised locations to the parent company, pending court approval and any competing bids.