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

What happened: The former largest franchisee of Outback Steakhouse filed for bankruptcy over rising costs. Bloomin' Brands agreed to buy the 61-restaurant operator's assets. Key numbers: Purchase price of $26.3 million; 61 restaurants; deal subject to court approval and higher bids. Why it matters: The bankruptcy filing points to rising costs pressuring franchise operators, and the asset sale would return the restaurants to Bloomin' Brands pending court approval and competing bids. Coverage: 3 outlets in 24h

The former largest franchisee of Outback Steakhouse filed for bankruptcy over rising costs. Bloomin' Brands agreed to buy the 61-restaurant operator's assets.

The bankruptcy filing points to rising costs pressuring franchise operators, and the asset sale would return the restaurants to Bloomin' Brands pending court approval and competing bids.