To fix the affected Outlook, you will need to do the following:
1. Open Terminal
2. Type
defaults delete com.microsoft.Outlook
(to delete the old preferences).3.
killall cfprefsd
(to kill the cached prefs)4. Launch Outlook
the main window will pop up along with a splash window asking you to setup an account. Press continue and you should be able to use Outlook for Mac 2011.