Lone Star Steakhouse & Saloon was a casual dining restaurant chain, which served steak, seafood, salad, and other food items. Lone Star opened its first restaurant in 1989 in Winston-Salem, N . C .. In March 1992, Lone Star Steakhouse Specials became a public company with eight restaurants opened. At its maximum, 267 Lone Star Steakhouses were functioning. The company filed for Chapter 7 bankruptcy on September 7th, 2017.
Since August 2019, the still-operating company website advertised four locations, all of which are independently confirmed closed. Also as of August 2019, two independently owned and operated locations with this restaurant still exist according to Yelp-one in Knightdale, N . C ., then one in Tamuning, Guam
On October 6th 2019. The Knightdale, NC location officially closed. The last of the Lone Star locations inside the continental US. The location became a Saltgrass Steakhouse.
Lone Star was founded by Jamie B. Coulter, who started his restaurant career as being a major franchisee of the Pizza Hut chain. Separately, a company called Creative Culinary Concepts opened a prototype Lone Star Steakhouse & Saloon restaurant in Winston-Salem, N . C . in 1989. in 1991, Coulter signed a contract with Creative Culinary Concepts to start 4 Lone Star restaurants, which will possess a Texas Roadhouse-style ambiance. Coulter incorporated Lone Star Steakhouse & Saloon in January of 1992, becoming the President, CEO, and Chairman of the chain.
The chain, at this particular point featuring eight restaurants, went public in March of 1992 to raise the money for expansion. The primary public offering raised $91 million. In 1993, 1994, and 1995, Lone Star Steakhouse Thanksgiving Hours was awarded the difference of “best small enterprise in the country” by Forbes magazine, as well as in 1994 ranked #6 in Fortune magazine’s list of fastest-growing companies – an increased rank than some other restaurant. Coulter himself was named chief executive of the year in 1996 by Restaurants and Institutions.
By the end of 1995, there was 182 restaurants operational, which expanded further to 205 locations by March of 1997 and further yet to 265 by the end of this same year. However, Lone Star faced issues with market saturation, rising food and labor costs, declining same-store sales, and management turnover because the company entered the late 90s. The company’s growth got to an abrupt halt, using the chain reaching its maximum extent of 267 restaurants after opening just two in most of 1998, and ended the 1990s with 265 restaurants after closing two in 1999. During this time period, the company’s stock price plummetted from $46 in 1996 to just $6 by the end of 1998. As a result of this turmoil, a minor shareholder in Lone Star, Guy W. Adams, waged an effective battle to unseat Coulter as Chairman in the Board of Directors in the company he had founded, though Coulter maintained his position of CEO. Lone Star had started to seek a buyer to accept company private in 2002.
Private buyout. On August 18, 2006, the 222-restaurant large Lone Star Steakhouse chain signed a binding agreement to be acquired by Lone Star Funds, an unaffiliated, Dallas-based private equity firm, for $27.10 per share in cash. This initial agreement was opposed by some major shareholders. On November 11, 2006, Lone Star Funds raised its offer to $27.35 per share. On December 12, 2006, shareholders voted to simply accept the offer.
Because it became private, Lone Star Steakhouse continues to be de-listed from NASDAQ. This can be the main reason stopped sponsoring the #40 Dodge of David Stremme. Pursuing the buyout, new and remodeled Lone Star Steakhouse locations qdyktt from your classic “Texas Roadhouse” theme to some more urban-style restaurant, abandoning the majority of the Texas and cowboy themes in the older restaurants. The newer restaurant design is much more upscale, with virtually none of the Americana noticed in the pre-2006 restaurants.