Restaurant chain Bar Louie announced Jan. 27 that it filed for Chapter 11 bankruptcy protection. The brand, which also closed dozens of locations, came to an agreement with its lenders to purchase the chain through a bankruptcy sale, according to reports.
The remaining restaurants will continue to operate in the normal course of business, Bar Louie says. The Addison, TX-based chain expects to emerge from bankruptcy within 90 days.
“Bar Louie is a profitable business focused on long-term growth with new investors. The sale through Chapter 11 will help us to focus on our profitable core locations and expand in areas that have a proven track record of success,” said Tom Fricke, CEO of Bar Louie in a statement.
Founded in Chicago in 1990, Bar Louie currently operates more than 90 locations across the U.S. The gastropub chain is known for its cocktails, beers, burgers and bar food.