“Bain Capital loaded it with debt right before the financial crisis. Genius timing.”

The Damage Done

• ▸Closed 41 restaurants in 2024 and abruptly shuttered 21 more in late 2025
• ▸Menu slashed by 10-20% with Outback getting the deepest cuts — company admitted it needed to 'make fewer items'
• ▸Has not generated positive same-store sales in two consecutive years
• ▸The original founder left, and what was once an entrepreneurial steakhouse culture became a corporate chain managing debt obligations

Sources

• Bloomin' Brands to close 41 restaurants — Restaurant Business(2024-02-27)
• Bloomin' Brands lays off 100 corporate employees — Restaurant Dive(2025-02-20)
• Outback abruptly closed 21 restaurants — CNN(2025-11-06)