Trendy bar and restaurant chain files for bankruptcy, closing locations
A trendy bar and restaurant chain has filed for bankruptcy with closures reportedly set at more than a dozen locations.
Dallas-based Bar Louie filed for Chapter 11 bankruptcy last week. The filing, the second by the chain since 2020, will allow a “restructuring plan for its 31 corporate-owned locations,” according to a release.
“This process is not expected to impact the company’s day-to-day operations. Prior to the filing, Bar Louie closed underperforming locations to enhance its financial stability,” Bar Louie officials said in a statement.
USA Today reported Bar Louie locations in Detroit, Nashville and East Brunswick, New Jersey, recently closed but it’s unclear what other restaurants will be shuttered. Court filings show Bar Louie operates 31 company-owned locations and an additional 17 franchised restaurants across 19 states. Bar Louie’s Alabama location in Bridge Street Town Center in Huntsville closed in 2020.
Bar Louie’s website currently lists 48 locations, down from 65 in 2023 and a steep drop from 130 restaurants it operated in 2018.
In its filing, Bar Louie listed assets of between $1 million and $10 million with liabilities of between $50 million and $100 million, Nation Restaurant News reported. It also listed between 5,001 and 10,000 total creditors with the largest, US Foods, owed more than $1.8 million.