FORMERLY PE OWNED
Outback Steakhouse
Includes Outback
casual dining · Tampa, FL
- PE Firm
- Bain Capital →
- Year Acquired
- 2007
Bain Capital loaded it with debt right before the financial crisis. Genius timing.
What Happened
- Bain Capital and Catterton bought Outback's parent for $3.2 billion in 2007 using mostly borrowed money — one year before the financial collapse
- The mountain of debt nearly sank the company during the 2008 recession — they barely kept up with payments and limped along until going public again as Bloomin' Brands in 2012
- Closed 41 restaurants in 2024 plus 21 more in 2025; stock lost 40% of value; stopped paying investors
- Laid off 100 corporate employees (17% of HQ staff) in 2025; chain now 10%+ smaller than its peak
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'
- Sales at existing restaurants have been declining for two straight years
- Customers consistently report smaller portions, pre-made sides, and a shift from fresh-cooked to assembly-line food — the steakhouse that once hand-cut everything now feels like a chain