Bar Louie Files for Bankruptcy, Closes 38 Locations - Eater Chicago
"The Chapter 11 filing shows the company is more than $100 million in debt, but has also gotten lenders to sign on to bid on assets to secure a sale should no one enter a higher offer — the minimum bid is priced at $82.5 million, plus assumed liabilities. The original Bar Louie was founded in 1990 on West Chicago Avenue, and over time expanded to 134 locations in 26 states. The chain is known for a dark, tavern-style atmosphere and menu of burgers, sandwiches, and other bar-friendly fare as well as beer and liquor. Private equity firm Sun Capital Partners acquired Bar Louie in 2010." - Naomi Waxman
