Financing

SPB Hospitality takes over former Craftworks restaurants

The Nashville-based restaurant group, an affiliate of Fortress Investment Group, bought the restaurants out of bankruptcy for $93 million.
Logan's Roadhouse
Photograph: Shutterstock

A Nashville-based hospitality group has taken over operations and management of former Craftworks Holdings brands Logan’s Roadhouse, Old Chicago Pizza & Taproom and other concepts after a bankruptcy court cleared the sale last month, according to a news release.

SPB Hospitality, an affiliate of Fortress Investment Group, will also oversee Rock Bottom Brewery, Gordon Biersch, ChopHouse & Brewery, Big River Grille & Brewing Works, AIA Ale Works Restaurant & Taproom, Ragtime Tavern Seafood & Grill, and Seven Bridges Grille & Brewery.

The group acquired the brands for $93 million in waived debt and assumed liabilities.

All of the group’s 261 restaurants had been “mothballed” in March, at the outset of the coronavirus pandemic, after a lender withdrew financing to keep the bankrupt company in operation.

As of today, “many” restaurants are open and the company is rehiring former team members, SPB Hospitality said in a press release.

“Additional restaurants will reopen over the coming weeks in compliance with local laws and regulations,” the release said. “SPB anticipates operating restaurants in the 39 states across the U.S.”

 

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