Logan’s Roadhouse plans to reorganize through bankruptcy
Posted on Friday, August 12th, 2016 at 4:18 pm
Popular steakhouse chain “Logan’s Roadhouse” announced on August 8 that they filed for Chapter 11 Bankruptcy in Delaware so they could improve their profitability by reorganizing the business, Knoxville News Sentinel reported.
Reports said at least 18 Logan’s restaurants with poor performance are going to be shut down. Although Logan’s has 256 locations in several states, including North Carolina, they saturate the Nashville area. The bankruptcy filing did not identify which stores are affected. Logan’s said that employees in the stores shutting down will either be reassigned to other branches or receive assistance finding other jobs. Court documents revealed that Logan’s listed $12. 9 million worth of assets while their liabilities amounted to $525.4 million. They have worked with their creditors since June to attempt to settle their debts.
Filing for business bankruptcy is a great opportunity for struggling businesses to improve their finances and reinvent themselves. If you decide to restructure through bankruptcy in Fayetteville, get in touch with the Bradford Law Offices, PLLC. Find out how we may work for you today by calling (910) 668-0006.