Bar Louie Files for Bankruptcy

Bar Louie files for bankruptcy, closing more than a third of its establishments, although recovery is expected.

More Than 30 Bar Louies Gone

Restaurant chain Bar Louie, mostly known for burgers and cocktails, announced Monday it’s filing for Chapter 11 bankruptcy protection in an agreement with its lenders for the chain to be bought through a bankruptcy sale. The company expects to emerge from bankruptcy in no more than three months, all the while operating in a “normal course of business.”

With more than 90 locations across the US, more than a third were closed down, 38 to be exact, in order for the company to “strengthen its operational and financial position.”

“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,” CEO Tom Fricke said, focusing on growth and profits.

The chain has also confirmed that suppliers and employees won’t starve and will continue to be paid throughout the bankruptcy.