ADDISON, Texas, Jan. 27, 2020 /PRNewswire/ -- Bar Louie, an award-winning gastrobar, today announced that it has reached an agreement with its lenders to act as the stalking horse purchaser and to support the Company through a Chapter 11 bankruptcy sale, subject to higher and better offers. The Company will continue to operate its more than 90 locations across the United States in the normal course of business.
To implement the sale transaction, Bar Louie has filed voluntary petitions for relief under Chapter 11 protection of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company does not expect the filing to have meaningful impact on its day-to-day business. In advance of the filing, the Company closed underperforming locations to strengthen its operational and financial position.
Bar Louie has received commitments from its lenders for debtor-in-possession (DIP) financing. This financing will allow Bar Louie to continue operations, effectuate the transaction, and fund post-bankruptcy operating expenses, including its obligations to employees and suppliers.
"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. "Most importantly, it ensures that we can continue to provide superior service to our guests, implement an exciting range of new customer-facing initiatives, expand our marketing influence, and continue to offer the 5-star experience we are known for."
The Company expects to emerge from the Chapter 11 process within 90 days.
About Bar Louie
With more than 90 gastrobars across the United States, Bar Louie serves up shareable, chef-inspired grub with craft cocktails, martinis, beer and wine in an always-social space. Known for its handcrafted drinks, as well as its lineup of local and regional beers which range from 20 to 40 taps depending on the size of each location, Bar Louie caters to local tastes and satisfies cravings from daytime until last call. Game day, brunch, happy hour, lunch, dinner or late night, Bar Louie is the spot to hang out with friends and make new ones. Bar Louie was founded in downtown Chicago in 1990 and today calls Addison, Texas home. For more information, visit www.barlouie.com.
SOURCE Bar Louie