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Bar Louie, the popular national bar and restaurant chain, was acquired by Sun Holdings earlier this month, seven months after filing for Chapter 11 bankruptcy protection and closing several locations.
Sun Holdings, who has a collection of 1,800 dining establishments including Applebee’s, Arby's, Burger King, Freebirds World Burrito, Golden Corral, IHOP, McAlister’s, Papa John’s, Popeye’s, Taco Bueno and Uncle Julio's, confirmed it has acquired 39 Bar Louie locations in the United States as part of the deal.
“This acquisition marks an exciting step forward in our growth strategy,” said Guillermo Perales, president and CEO of Sun Holdings, in a statement shared on the company's official website. “Bar Louie’s signature martinis and distinctive brand make it a strong addition to our casual dining portfolio.”
Bar Louie, which was founded in Chicago in 1991, filed for bankruptcy in March, at which point it had 31 company-owned and 17 franchised locations operating in 19 different U.S. states, having since closed several locations in Michigan, New Jersey and Ohio. The bar and restaurant chain had previously had up to 130 restaurants in the U.S. as of 2018 and previously filed for bankruptcy in early 2020 before being purchased by Antares Capital LP in June 2020.
Bar Louie was reported to have assets ranging between $1 million and $10 million, but faced liabilities ranging from $50 million to $100 million, according to its March bankruptcy filing obtained by MLive.com.