Logan's said to be weighing bankruptcy

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The Logan’s steakhouse chain is considering a Chapter 11 bankruptcy filing after missing payments to lenders in the spring, Bloomberg reported late yesterday, citing an anonymous source.

The filing could come as early as later this month, the online story said.

A spokesperson would neither confirm nor deny the report when Bloomberg pressed for comment, saying the company does not comment on rumors.

Logan’s has not reported financial results since Dec. 14. 

At that time, the company posted a net loss for the quarter ended Oct. 28 of $24.4 million on revenues of $131.3 million, which were down 9.9% from the same period of the prior year. The most recent period contained four fewer days than the quarter to which it was compared, Logan’s noted.

The steakhouse operation consists of about 250 restaurants in 23 states.


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