India, Nov. 5 -- Out West Restaurant Group, one of the largest franchisees of Outback Steakhouse, filed for Chapter 11 bankruptcy protection on Monday, 2 November, and its parent company, Bloomin' Brands, has agreed to buy its assets for $26.3 million, subject to higher offers.

The San Diego-based operator, whose legal name is Cerca Trova Restaurant Group Holdings, runs 61 Outback restaurants in California, Arizona, Colorado, Nevada and New Mexico. The filing was made in the US Bankruptcy Court for the District of Delaware, and the company said its restaurants would remain open during the proceedings.

The bankruptcy follows the closure of at least 10 of the franchisee's restaurants in the weeks before the filing. The developments mark t...