Logan’s Roadhouse, Inc. and its affiliates filed petitions with the U.S. Bankruptcy Court on August 8.
They are seeking reorganization under Chapter 11 of the U.S. Bankruptcy Code.
According to the company in a press release, the filings are part of a consensual plan between the owners, first-lien lenders and bondholders.
The plan is designed to restructure the company’s balance sheet and provide the company with the capital needed to turnaround operations and “position the company for future success.”
As part of the restructuring, the company said CEO Sam Borgese is leaving the company.
According to Logan’s, they will be closing 18 underperforming restaurants.
They say a plan is in place to help 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 has not announced which restaurants will be closing.
– Newschannel 6
