The parent company of Logan’s Roadhouse restaurants yesterday announced that it has emerged from bankruptcy and launched a turnaround effort that includes a revamped menu and a new marketing campaign, the Dayton (Ohio) Daily News reported today. “We’re very proud of what the company has accomplished in a little over 90 days with the balance sheet restructuring and the operational turnaround,” Nishant Machado, a senior managing director at Mackinac Partners who is leading the turnaround effort at Logan’s. Logan’s Roadhouse Inc. filed for reorganization bankruptcy in August. As part of the bankruptcy reorganization, Logan’s Roadhouse already has restructured its balance to reduce its debt from approximately $400 million to just over $100 million, while significantly lowering its interest expenses; shut down 34 “underperforming” restaurants, leaving the chain with a portfolio of what it called “strong-performing restaurants;” and renegotiated leases and contracts resulting in over $4 million in annual savings.
