38-year-old beloved steakhouse chain closing over 40 locations

Steakhouse operators have confronted difficult market conditions, with beef prices rising 9.4% year-over-year in July 2026, pressuring profit margins across the sector. Bloomin’ Brands, the parent company of Outback Steakhouse, initiated a comprehensive turnaround strategy approximately 10 months before these closures, designed to eliminate underperforming locations lacking growth potential.
Outback Steakhouse closed its Evansville, Wyoming location on Aug. 23, 2026, after 21 years of ope