Logan’s Roadhouse files for Chapter 11 bankruptcy protection
Posted on Friday, August 12th, 2016 at 4:35 pm
Nashville-based steakhouse chain Logan’s Roadhouse has filed for Chapter 11 bankruptcy protection so they can address their financial issues, an article of Knoxville News Sentinel stated on August 8.
In the bankruptcy papers filed by Logan’s, at least 18 locations that are not performing as well as other stores will be shut down. The bulk of Logan’s business is owned by Kelso & Company, which currently operates 256 branches in 23 states, including North Carolina. Logan’s revealed assets of $12.9 million and liabilities amounting to $525.4 million. In a statement, Logan’s said that employees affected by the reorganization will either be reassigned to another branch or receive assistance finding other job opportunities.
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