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[BLOOMBERG BUSINESS WEEK] Outback Steakhouse sees the bloom come off its Korean dream

November 4, 2014
Outback restaurants in Korea offered Latin Summer Menu this year. (NEWSis)

Outback Steakhouses in Korea offered Latin Summer Menu this year. (NEWSis)

[BLOOMBERG BUSINESS WEEK]  Outback Steakhouse’s entry into South Korea was deemed a “success story” by industry observers back in 2008. The chain, owned by Tampa-based Bloomin’ Brands (BLMN), has been in the country since the mid-1990s and has expanded to 110 restaurants, making South Korea its second-largest market by store count.

Things took a turn for the worse this year, and on Tuesday the company announced plans to close almost a third of its Korean locations.

Part of the problem is the country’s slowing economy, of course, but Outback’s overeager expansion didn’t help. [READ MORE]