Outback Steakhouse Shutters 21 Restaurants in Sweeping Overhaul

Outback Steakhouse’s parent company abruptly closed 21 restaurants across the country recently as part of a sweeping cost-cutting plan.

Bloomin’ Brands said that the closures mark the start of a “comprehensive turnaround strategy” that will see 22 more Outback locations close over the next four years as leases expire.

So far this year, Bloomin’ Brands’ stock has plunged over 40%, reflecting investor concerns over shrinking margins and stalled traffic across its brands.

Last month’s closures targeted Outback Steakhouse restaurants, known for their kitschy Australian theme, and other Bloomin’ Brands eateries — Carrabba’s and Bonefish. 

The company said the decision was driven by underperforming units, shifting consumer spending and intensifying competition from value-driven rivals like Texas Roadhouse, LongHorn Steakhouse, Chili’s and Applebee’s.

Outback currently operates about 670 restaurants across the US — roughly 10% fewer than a decade ago, when it had around 750 locations.