Outback Steakhouse abruptly closed 21 of its restaurants across the country in October as part of a sweeping cost-cutting plan by its parent company, Bloomin’ Brands.

The Tampa-based restaurant operator known for its kitschy Australian theme said in an earnings filing Thursday that the closures mark the start of a “comprehensive turnaround strategy” that will see 22 more Outback locations close over the next four years as leases expire.

So far this year, Bloomin’ Brands’ stock has plunged over 40%, reflecting investor concerns over shrinking margins and stalled traffic across its brands.

The company, which also owns Carrabba’s Italian Grill and Bonefish Grill, said the decision was driven by underperforming units , shifting consumer spending and intensifying competition from value-d

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