Many Outback Steakhouse loyalists are discovering that their favorite steakhouse has a seafood-focused sibling they never knew about. Bonefish Grill, owned by the same parent company Bloomin' Brands, has been operating for more than two decades — and it's quietly building momentum heading into 2026.
Bloomin' Brands, the parent company behind Outback Steakhouse, also owns Bonefish Grill and an Italian sister chain with over 150 locations around the country. The company recently allowed gift-card swapping between its restaurant brands, and Bonefish Grill is enhancing its menu in 2026 with brunch offerings and new cocktails, even as the broader casual dining industry faces a wave of closures.
The renewed interest in Bonefish Grill comes at a complicated time for the restaurant sector. Some observers point to rising costs and shifting consumer habits as forces reshaping the casual dining landscape, while others see opportunity in brands that adapt quickly and invest in quality.
According to The U.S. Sun, Bonefish Grill was founded in 2000 in St. Petersburg, Florida, by Tim Curci and Chris Parker. About one year after it was founded, Bloomin' Brands acquired the chain in 2001, folding it into a portfolio that already included Outback Steakhouse.
The restaurant company describes its seafood as "market-fresh fish from around the world, hand-cut in-house every day." The chain is known for wood-grilling most of its fish, a technique that sets it apart in a crowded casual dining market.
One standout menu item, Bang Bang Shrimp, is priced at around $14.50 depending on location. The dish has become so popular that many Bonefish Grill locations host a promotional event called "Bang Wednesday." The chain also runs a daily "Social Hour" from 4 to 6:30 p.m., featuring cocktails as low as $7 and a one-dollar discount on draft beers.
Bonefish Grill's expansion efforts come against the backdrop of significant industry contraction. Last year, a few Bonefish Grill locations closed their doors for good as part of 21 shutdowns across brands for Bloomin' Brands. Along with Bonefish Grill, Carrabba's Italian Grill, and Outback Steakhouse, also shuttered several spots.
The closures are part of a broader trend affecting casual dining nationwide. Heading into 2025, Denny's announced plans to close up to 150 locations in the U.S. by year's end, and Red Lobster planned to close over 100 stores under new CEO Damola Adamolekun.
TGI Friday's was also shuttering locations, including 30 in April alone. Applebee's projected a loss of 20 to 35 spots in 2025, and Noodles & Company announced plans to close between 17 and 21 locations. The market is clearly punishing inefficiency and rewarding brands that can maintain value for the consumer.
Bloomin' Brands isn't just trimming — it's also doubling down on its flagship. Outback Steakhouse recently received a $75 million investment, signaling confidence in the brand's long-term viability. Bloomin' CEO Mike Spanos told investors during an earnings call this month that the company has been battling beef inflation and declines in foot traffic.
Spanos emphasized a return to fundamentals, saying the company is "getting back to our roots on stakeholder leadership." He described significant internal efforts focused on "coaching and training to ensure our restaurant field leaders are subject matter experts on steaks." "We completed an in-depth Steak Excellence Certification training for our multi-unit leaders at Outback," Spanos said. "Each leader is required to pass steak certification tests before they coach, train, and certify their restaurant leadership."
From a free-market perspective, what's happening across casual dining is a textbook correction. Brands that overexpanded or failed to differentiate are contracting, while those investing in quality and operational discipline — like Bloomin' Brands appears to be doing — have a shot at coming out stronger. The $75 million bet on Outback and the menu enhancements at Bonefish Grill suggest a company trying to earn its way back to relevance rather than simply cutting costs.
For consumers, the gift-card swapping between Bloomin' Brands restaurants adds a small but meaningful convenience. If you've got an unused Outback gift card sitting in a drawer, it may now have more flexibility than you realized. Bonefish Grill's Social Hour and 2026 brunch rollout also represent an attempt to capture diners across more dayparts — a smart move in a competitive environment.
The broader takeaway is worth watching. In a period where dozens of well-known restaurant chains are closing hundreds of locations, survival belongs to those who invest wisely and execute. Bloomin' Brands is betting that a combination of certified steak expertise at Outback and fresh seafood innovation at Bonefish Grill can thread the needle. Whether that bet pays off will depend on execution, consumer confidence, and the relentless pressure of food costs — but at least the strategy is clear.