NASHVLLE, Tenn.--(BUSINESS WIRE)--Logan’s Roadhouse, Inc., a leading casual dining steakhouse chain, today announced its emergence from chapter 11 under its Plan of Reorganization.
As part of the confirmed plan, overwhelmingly supported by Logan’s creditors and owners and termed “excellent” by the presiding judge, the company has:
- Restructured its balance to reduce its debt from approximately $400 million to just over $100 million, while significantly lowering its interest expenses.
- Exited 34 underperforming restaurants, resulting in aggregate incremental EBITDA of $3.6 million leaving the Company with a portfolio of strong performing restaurants.
- Renegotiated leases and contracts resulting in over $4 million in annual savings.
“We’re very proud of what the Company has accomplished in a little over 90 days with the balance sheet restructuring and the operational turnaround. We have a committed management team and a unified vision for the company that returns Logan’s to its roots. The pieces are now in place for a very bright future for our guests, employees and investors” said Nishant Machado, a Senior Managing Director at Mackinac Partners and who is leading the turnaround effort at Logan’s.
Through the operational turnaround the Company has instituted a number of changes to strengthen the brand to better serve its 30 million annual guests. Some of the broad changes implemented, driving the turnaround include:
- A revised menu with a return to the restaurants’ most popular items from year’s past, and a focus on streamlining operations to improve quality and execution.
- The launch of a major integrated marketing effort highlighting core favorites such as steaks, ribs and yeast rolls as well as the value Logan’s delivers to its guests. For more information, please visit www.logansroadhouse.com.
- An investment in the teams through training, development and attractive compensation packages, to recruit and retain strong performers.
- Revised training programs with an emphasis on the quality and hospitality.
“While the industry as a whole has faced significant headwinds, which have been widely reported, we believe the roadhouse steakhouse concept is one which appeals to a large majority of Americans and Logan’s is focused on providing guests with value, quality and a superior experience” Machado said.
Logan’s currently has 195 company-operated and 26 franchised restaurants in 20 states.
About Logan’s Roadhouse
Logan’s Roadhouse is a casual dining steakhouse offering our guests wood-fire-grilled steaks, made-from-scratch recipes, fresh ingredients and southern-inspired signature dishes in a roadhouse atmosphere. Logan’s opened its first restaurant in 1991 in Lexington, KY, and is headquartered in Nashville, TN.