The company that owns Logan's Roadhouse, Old Chicago, and more has filed for Chapter 11 Bankruptcy, but say they will remain open.
Craftworks Holdings announced they are participating in a "court-supervised process to reduce our debt and increase our liquidity" in order to keep their portfolio of restaurants open. According to a press release they have closed 37 "under-performing locations", but promise the remaining locations will stay open. Gift cards and loyalty programs will continue to be honored.
Voluntary petitions for relief were filed in Delaware on behalf of the company and are still pending. The company's debtors are asking for joint administration of the case.
The result could reduce their debt by more than $140 million. Their 77 franchise locations are not a part if the banruptcy and will operate as normal. The company promises the first order of business is to motion for continued pay and benefits for its employees.