Logan's Roadhouse Files Bankruptcy

18 Restaurants To Close

August 9, 2016

Sad news for Logan's Roadhouse Restaurants.  The company filed for bankruptcy protection yesterday [8.8.16> after continued financial losses while competition restaurants offered steep discounts and improved technology with tabletop tablets and order-ahead capabilities. The Nashville-based chain says it's CEO,Sam Borgese, will resign and will close 18 restaurants out of its 250.  No word yet if the restaurants to close are located in Ocala, Jacksonville, Orlando, Kissimmee or Tampa. The chain had assets of $347.2 million and debt of $546.1 million as of June 30, according to court filings. About 10 percent of Logan’s Roadhouse restaurants are franchised. Logan’s will seek interim approval to borrow as much as $10 million of a total of $25 million in debtor-in-possession financing. The case is In re Roadhouse Holding Inc., 16-11819, U.S. Bankruptcy Court, District of Delaware.

SOURCE: Bloomberg