Logans's Roadhouse files Chapter 11 bankruptcy plans closing all locations 2018
This is a satirical website. Don't take it Seriously. It's a joke.
2059 95436 Shares
Nashville-based restaurant chain Logan's Roadhouse filed for Chapter 11 bankruptcy protection Tuesday with plans to close the reaming operations nationwide.
Logan's said in a statement that its CEO, Sam Borgese, will leave the company, but it was not immediately clear when a replacement would be identified.
The steak and Southern-inspired casual dining chain said that it had secured support for its restructuring plan from its first-lien lenders and bondholders and landed up to $25 million in bankruptcy financing.
The company's "customers continue to face pressure on discretionary income, directly correlating to depressed restaurant sales and reduced customer traffic," Logan's chief restructuring officer Keith Maib said in a court filing.
Logan's has 18,964 employees, including 1,002 full-time workers, at its 234 company-owned locations, according to a court filing. The company has 26 franchised restaurants.
"A plan is in place to assist employees in closing restaurants, reassigning employees to other Logan’s restaurants and providing them with outplacement services and assistance with applying for jobs," Logan's said in a statement.
Logan's has about $416 million in debts, almost all of which is secured, according to a court filing.
The company posted $606.4 million in revenue in 2015 and a loss of $112 million before earnings, interest, taxes, depreciation and amortization, including one-time restructuring charges.
Founded in Lexington, Ky., in 1991, the company went public in 1995 and was sold to the Cracker Barrel chain in 1999.
LRI Holdings bought the company in 2006. LRI is currently controlled by Kelso & Co., according to a court filing.
The owners completed a debt exchange in 2015 in a move that eliminated $18.5 million in annual debt payments, but it was insufficient. Foot traffic fell by 8.8 in the first half of 2016 and sales fell 4.
This is a satirical website. Don't take it Seriously. It's a joke.
Most Popular
-
1
bigfoot sighting at jackson lake campground near oak hill ohio Several eye witness reported seeing a large hairy animal of some kind near the Jackson lake campground. Local authorities are asking people to be cautious if you are planning on fishing near this area. One of the witnesses where able to snap a picture with their cell phone before the creature ran away near the Tommy Been rd area.
-
2
new york city woman loses her temper, causes black hole to swallow her entire town Anna, 26, of New York City, DC was in the middle of an argument with a colleague when her temper got so out of control, it formed a small black hole, which demolished the vast majority of her neighborhood. "I just couldn't take it anymore, and unleashed my forces at the person who was irritating me. I had no idea the energy of my rage could cause such destruction," says Anna. Despite the ruination her anger has caused, Anna says she has no regrets. "I actually wish I knew I had this ability sooner!" Anna laughs. "There are a lot of people and things I could have eradicated from my life in this way."
-
3
whale spotted in illinois river A humpback whale was spotted near Morris IL in the Illinois River today. The sighting comes just days after 2 Great White Sharks were seen frolicking in the same area. While not impossible, it does seem unlikely. It is thought that the whale may have followed the sharks as they sometimes do in the wild. The whale would of had to travel over 1250 miles to get to this location. The Marine Biologist Association will be in town for a full investigation. Until we have answers, we are asking folks to keep their pontoons and fishing boats docked.
-
4
two great white sharks found swimming in mississippi river near saint louis, missouri. While it is not entirely impossible, it is incredibly uncommon for salt water dwelling creatures to stay for lengthy periods of time in fresh water. However, two Great White Sharks have managed to survive the trip and make their way up the Mississippi River somehow. Believed to have started as a mating couple, the two are assumed to have swam the 920 mile journey from the mouth of the Mississippi River that is connected to the Gulf Of Mexico. Officials in Saint Louis have contacted the Missouri Conservation Department and will likely have a team in the river soon to capture the two lost sharks.