American bar and restaurant chain Bar Louie has filed for Chapter 11 bankruptcy protection for the second time in five years.
In the court filing, BLH TopCo, the chain’s parent company, listed liabilities of $50 million to $100 million and assets of $1 million to $10 million.
The company is seeking to reject leases at 14 underperforming locations in major cities such as Nashville, Chicago, Dallas, and Denver. These locations had been closed over the past months.
BLH TopCo is also petitioning to cancel the employment contracts of COO Michael Mrlik and SVP of technology Roberta Frierson. The two officials have either left the company or entered into a new contract prior to the filing.
Founded in 1990, Bar Louie serves food, beer and cocktails at its restaurants. The chain filed for Chapter 11 for the first time in 2020 with a debt load of approximately $100 million.
The bankruptcy ended after creditor Antares Capital agreed to sacrifice $82.5 million in secured debt to acquire most of Bar Louie’s assets, according to USA Herald.
Last month, casual dining chain Hooters was reportedly preparing for a Chapter 11 bankruptcy filing amid falling traffic and mounting debts.
