Court OKs $93M credit bid for CraftWorks’ assets

The remains of Logan’s, Old Chicago and the holding company’s other brands will be acquired by CraftWorks’ senior lender.
Old Chicago Taproom
Photograph: Shutterstock

The parent of Logan’s Roadhouse and Old Chicago Pizza & Taproom has been cleared by the bankruptcy court overseeing its Chapter 11 filing to sell its remaining assets for $93 million in waived debt and assumed liabilities.

The buyer was not identified in court documents, but participants in the court proceedings—conducted via telephone rather than in person—identified the party as an affiliate of the seller’s senior lender, Fortress Credit Co. The lender had agreed to buy the bankrupt company, CraftWorks Holdings, for $138 million in early March, before the coronavirus pandemic had upended the economy.

One media report indicated that Fortress intends to reopen at least 150 of the 261 restaurants that were run by CraftWorks. Several weeks after CraftWorks sought bankruptcy protection from creditors on March 3, the company announced that it was “mothballing” all its restaurants and furloughing all unit-level employees because of the pandemic. It later alerted the workers that they had been fired.

Craftworks is also the franchisor of about 77 restaurants.

The company’s restaurant brands include Rock Bottom Restaurant and Brewery , Gordon Biersch, Big River Grille, ChopHouse & Brewery and A1A Ale Works.

Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.


Exclusive Content


Restaurants have a hot opportunity to improve their reputation as employers

Reality Check: New mandates for protecting workers from dangerous on-the-job heat are about to be dropped on restaurants and other employers. The industry could greatly help its labor plight by acting first.


Some McDonald's customers are doubling up on the discounts

The Bottom Line: In some markets, customers can get the fast-food chain's $5 value meal for $4. The situation illustrates a key rule in the restaurant business: Customers are savvy and will find loopholes.


Ignore the Red Lobster problem. Sale-leasebacks are not all that bad

The decade-old sale-leaseback at the seafood chain has raised questions about the practice. But experts say it remains a legitimate financing option for operators when done correctly.


More from our partners