According to a March 27 press release announcing the bankruptcy, Bar Louie ensures patrons that the bankruptcy process “is not expected to impact the company’s day-to-day operations.” Furthermore, the chain noted that prior to the filing, “Bar Louie closed underperforming locations to enhance its financial stability.”
The now 34-year-old restaurant chain was founded in Chicago, Illinois and currently operates 31 company-owned locations along with an additional 17 franchised locations across 19 U.S. states. As part of the bankruptcy process, Bar Louie has committed to closing at least 13 corporate-owned locations, leaving just 48 remaining for fans to visit.
Related: Famed Discount Retailer Closing Nearly 100 Locations Soon—Here's What You Need To Know
Bar Louie reportedly listed estimated assets totalling between $1 million and $10 million, as well as estimated liabilities of $50 million to $100 million. Additionally, Bar Louie’s largest creditor, US Foods, is reported to be owed more than $1.8 million by the chain.
Related: This Beloved Tex-Mex Chain Just Filed For Bankruptcy—Here's What's Happening
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