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Outback Steakhouse puts a for sale sign on its stores in Asia

The parent of Outback Steakhouse has decided to put up for sale its Asian stores in South Korea, Japan and Hong Kong, according to an SEC filing. It's the next part of an ongoing effort to raise money to pay down debt and reinvigorate the chain in the United States. In 2009 Tampa-based OSI Restaurant Partners Inc. generated $3.3 million in net income on annual sales of $240 million from its Asian operations. Like the rest of the sit-down casual restaurant industry, same-store sales in the United States continued to be down at three of OSI's four chains in the quarter ended Dec. 31 despite easier comparisons from a year ago. Sales were up 1 percent at Bonefish Grill but declined 6 percent at Outback, 4 percent at Carrabba's Italian Grill and 6 percent at Fleming's Prime Steakhouse and Winebar.

Outback Steakhouse puts a for sale sign on its stores in Asia 01/19/10 [Last modified: Tuesday, January 19, 2010 12:38pm]
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