Logan’s Roadhouse Inc. Files For Bankruptcy
The Nashville, Tennessee- based chain, Logan's Roadhouse Inc., Monday filed for bankruptcy in the state of Delaware. The company operates or franchises more than 250 restaurants in 23 states, including a San Angelo location at 4384 Sherwood Way.
The company has entered into a restructuring support agreement with revolving facility lenders and holders of more than 83.9% of around $378 million in notes that should reduce debt by just over $300 million, according to court papers filed by Keith Maib, chief restructuring officer.
The plan calls for their chief executive officer, Sam Borgese, to resign and the closing of 18 restaurants company wide. No announcement yet on the status of the San Angelo location.