No road trip would be complete without stopping by a kitschy restaurant right off the highway. Travelers will soon have slightly fewer eateries to choose from as Logan’s Roadhouse filed for bankruptcy Monday, detailing plans to close more than a dozen of its locations.
Logan’s Roadhouse, which operates and franchises more than 250 roadhouse-themed restaurants in 23 states, entered into a Chapter 11 bankruptcy restructuring deal after suffering slipping sales in recent years, Bloomberg reports.
The Nashville-based chain — previously owned by Cracker Barrel — will close at least 18 locations and CEO Sam Borgese will step down.
Employees of the closing restaurants are expected to be reassigned to other locations when possible, the company said.
Bloomberg reports that the chain, which served Southern-inspired fare, saw revenue fall 9.9% in the quarter ending Oct. 28.
The restructuring process is expected to reduce its $546 million in debt by $300 million.
Logan’s Roadhouse in Bankruptcy After Diners Choose Rivals [Bloomberg]
by Ashlee Kieler via Consumerist
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