OSI Restaurant Partners LLC, operator of the Outback Steakhouse chain, has reached a settlement with T-Bird Nevada LLC, one of its largest franchisees, over a loan that was the subject of an Outback lawsuit against T-Bird two years ago.
T-Bird, which operates 56 Outback Steakhouse restaurants in California, has agreed to pay $33.3 million to OSI under the settlement, according to an OSI document filed with the U.S. Securities and Exchange Commission two days ago.
T-Bird has 60 days from Monday, when the deal was reached, to pay Outback, according to the SEC filing.
â€œWe are pleased the matter has been resolved,â€ OSI chief legal officer Joe Kadow told Nationâ€™s Restaurant News Friday.
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