NASHVLLE, Tenn.--(EON: Enhanced Online News)--Logan’s Roadhouse, Inc., a leading casual dining steakhouse chain, today announced its emergence from chapter 11 under its Plan of Reorganization.
“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”
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.