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Outback Steakhouse abruptly closed 21 restaurants in October and will let 22 more leases lapse over four years as parent Bloomin’ Brands launches a turnaround. The company will take a $33 million impairment and suspend its shareholder dividend while investing $75 million in menu upgrades, value offers, and service tweaks, plus renovating all remaining locations with brighter interiors and expanded pickup by 2028. Same-store sales inched up 0.4% this quarter, trailing LongHorn and Texas Roadhouse, as choosier diners favor better value.

Prepared by Christopher Adams and reviewed by editorial team.