Outback Steakhouse parent company Bloomin' Brands is moving to acquire 61 restaurants operated by a major franchisee that filed for Chapter 11 bankruptcy protection.

Out West Restaurant Group, which operates Outback Steakhouse locations across the western United States, filed for bankruptcy protection in Delaware on Monday, according to a filing with the Securities and Exchange Commission.

Bloomin' Brands has entered into an agreement to purchase Out West's assets for approximately $26.3 million, subject to certain adjustments and the assumption of specified liabilities.

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Outback Steakhouse (iStock)

The company is expected to serve as the "stalking-horse" bidder in the bankruptcy sale process, establishing an initial offer that other potential buyers can seek to exceed.…