The Nashville, Tennessee based steakhouse chain Logan’s Roadhouse filed for Chapter 11 bankruptcy protection on Monday (August 8th). The move comes “after striking a deal with it bondholders to swap more than $300 million in debt for control of the restaurant chain.” The chain had skipped an interest payment to bondholders. They had been struggling to make interest payments with their quarterly sales falling in recent years. Chief restructuring officer of Logan’s parent LRI Holdings Inc., Keith Maib, accounts the chain’s lower sales in recent years to consumers preferring cheaper and faster alternatives.
The case is in re: Roadhouse Holding Inc, U.S. Bankruptcy Court, District of Delaware, No. 16-11819.