Americans are abandoning Outback Steakhouse in droves as they swap to cheaper alternatives. Instead of dining at one of the Australian-themed chain’s hundreds of locations across the US, they are heading to Texas Roadhouse or LongHorn instead for a filet or a sirloin. Last year in the US, both chains outsold Outback. It had been market leader for decades after riding the Australian craze sparked by Crocodile Dundee.

Wall Street has also taken note of shifting steakhouse trends. Texas Roadhouse’s stock has increased around 15 percent over the last year, while shares of LongHorn-owner Darden have soared around 25 percent, CNN reported. Outback parent company Bloomin’ Brands, meanwhile, has seen its stock plummet more than 70 percent to just $8 a share.

With inflation squeezing wallets, diners are favoring casual chains that offer better value. Instead of Outback or TGI Fridays, more diners are opting for Texas Roadhouse, LongHorn, and Chili’s, which have all leaned into value-focused deals. The average check at Outback was $29 last year, which was $6 above Roadhouse and $2.50 more than LongHorn, according to CNN. Outback, which is based in Tampa, Florida, was founded in 1988.

Known for its juicy steaks and signature deep fried ‘bloomin’ onion’ dish, it became popular among American diners in the 1990s and 2000s. The concept of the restaurant was based on the movie ‘Crocodile Dundee’, and had faux Aussie-themed items on the menu such as ‘ribs on the barbie,’ despite none of its four founders actually being Australian. But the size of the chain’s menu – plus the addition of limited-time promotions – became unwieldy for staff, and the chain opened scores of locations in malls just as foot traffic began to dwindle.

Outback hiked prices too high and cut costs too far, CNN reported, which led food quality to suffer and restaurants to appear down at heel and unloved. The chain went on an aggressive remodeling campaign, starting in 2008, renovating the majority of its older locations. This included removing the chain’s iconic neon signs and switching from a dark and rustic atmosphere to a brighter look. Outback has since closed dozens of its older locations in recent years.

Texas Roadhouse, meanwhile, stuck to lower prices on most items compared to the one-off promotions at Outback, the outlet reported. That allowed the steakhouse to peel off Outback’s more budget-conscious customers. The chain has fought to keep prices low, offering steak, potatoes, and vegetables for around $20 to $25 – and it’s paying off as families flock to the chain. It has also appealed to customers with its lively rode-style restaurants.

‘Roadhouse is winning because they have a much better value proposition than anybody else,’ Peter Saleh, an analyst at BTIG, told CNN. LongHorn, meanwhile, has made a mark with its larger steaks at similar price points to Outback’s. LongHorn was originally designed to appeal to customers on a budget when it was established in the early 1980s, but has since switched to appeal to higher-income diners looking for a more upscale feel.

‘LongHorn has made significant investments over the years in quality, and that continues to pay off,’ Darden CEO Rick Cardenas said last year. He added that the chain was attracting consumers trading down from fine dining restaurants. But despite its setbacks and steep competition from other steakhouses, Outback believes it can return to its former glory. ‘Consumer research shows there is an affinity for [Outback],’ a spokesperson for Bloomin’ Brands told CNN. ‘With the investments we’re making to improve operations and deliver a better guest experience, we are excited about the future potential of our business.’

Mike Spanos, who was formerly the Chief Operating Officer at Delta Air Lines, was made CEO of the Outback parent company last year. He said he aims to cut the size of the menu, slow new restaurant openings and revamp tired locations. ‘Outback is a great business. It is a great brand,’ Spanos said last month. ‘It is a very fixable business.’

Americans have been hit hard by soaring menu prices in recent years as restaurants pass on rising food and labor costs . Restaurants have been increasingly struggling to make a profit over the last year. Big name chains like Applebee’s, TGI Fridays and Boston Market have have all recently shuttered restaurants.

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