Bar and restaurant chain Bar Louie has been rescued from bankruptcy following its acquisition by multi-brand restaurant operator Sun Holdings.
The acquisition, whose financial details were not disclosed, was carried out through affiliate company Louie Restaurants.
Founded in 1990, Bar Louie currently has 39 locations nationwide, a little more than half of what it had in 2021. The company filed for Chapter 11 bankruptcy protection for the second time in March.
In the court filing, the chain listed liabilities of $50 million to $100 million and assets of $1 million to $10 million. It sought to reject leases at 14 underperforming locations in major cities such as Nashville, Chicago, Dallas, and Denver, which had been closed prior to the filing.
Sun Holdings operates more than 1800 locations across the country. It is a franchisee of restaurant chains such as Applebee’s, Arby’s Burger King, Ihop, Papa Johns, and Popeyes, among others.
The company said the acquisition is part of its strategy to expand its presence and diversify its portfolio.
According to Retail Dive, Sun Holdings began its acquisition streak in 2019 by buying Taco Bueno out of bankruptcy. The company then acquired Freebirds World Burrito last year and Uncle Julio’s earlier this year.
