Logan’s Roadhouse In Portage Files For Bankruptcy

What is going on with the restaurant industry?  Every week, it seems, we're hearing about another eatery closing.  We can understand the retail stores and other businesses of that kind but why restaurants that appear to be doing well.  Every time I drive past Logan's in Portage it looks like it's rockin'.  Nevertheless, the writing's on the wall.

According to wlns.com, the company that owns Logan’s Roadhouse and Old Chicago has filed for Chapter 11 bankruptcy.  CraftWorks Holdings, LLC filed the request in a federal court in Delaware Tuesday.  The Nashville-based company is asking the court to sign off on an agreement to sell its assets to Fortress Credit Co. LLC.  A move that CraftWorks says would reduce its debt by more than 60%, or $140 million, and free up funding for future investment. As part of the deal, Fortress would give CraftWorks $23 million in financing to support operations during the bankruptcy process.  CraftWorks says despite the restructuring, it will be business as usual at its restaurants and franchisees, with CraftWorks planning to continue to pay its more than 18,000 employees, honor gift cards and loyalty programs and pay vendors during the process.