Logan's Roadhouse To File Chapter 11
Nashville-based Logan's Roadhouse, a restaurant chain with about 250 locations in 26 states, is planning on filing for bankruptcy, according to Bloomberg. The Chapter 11 filing could come as soon as this month. Reportedly, as of the end of last October, Logan's had $12.9M in cash and $525.4M in liabilities.
Moreover, its same-store sales fell 4.3% for the quarter ending in October, and customer traffic dropped 7.4%. Revenue for the chain fell 9.9% during that quarter as well. On the whole, casual dining has suffered a malaise in recent years, especially as Millennials go elsewhere. [Bloomberg]