Lone Star Steakhouse & Saloon was a casual dining restaurant chain, which served steak, seafood, salad, and similar food items. Lone Star opened its first restaurant in 1989 in Winston-Salem, N . C .. In March 1992, Lone Star Steakhouse Near Me 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.
At the time of August 2019, the still-operating company website advertised four locations, which are independently confirmed closed. Also at the time of August 2019, two independently owned and operated locations with this restaurant still exist according to Yelp-one out of Knightdale, N . C ., and something in Tamuning, Guam
On October 6th 2019. The Knightdale, NC location officially closed. The last of the Lone Star locations in the continental US. The area became a Saltgrass Steakhouse.
Lone Star was founded by Jamie B. Coulter, who started his restaurant career as being a major franchisee from the Pizza Hut chain. Separately, a company called Creative Culinary Concepts opened a prototype Lone Star Steakhouse & Saloon restaurant in Winston-Salem, North Carolina in 1989. in 1991, Coulter signed a binding agreement with Creative Culinary Concepts to start 4 Lone Star restaurants, which may use a Texas Roadhouse-style ambiance. Coulter incorporated Lone Star Steakhouse & Saloon in January of 1992, becoming the President, CEO, and Chairman from the chain.
The chain, around this point featuring eight restaurants, went public in March of 1992 to boost the money for expansion. The first public offering raised $91 million. In 1993, 1994, and 1995, Lone Star Steakhouse Thanksgiving Hours was awarded the distinction of “best business in the united states” by Forbes magazine, and in 1994 ranked #6 in Fortune magazine’s listing of fastest-growing companies – a greater rank than every other restaurant. Coulter himself was named chief executive of year in 1996 by Restaurants and Institutions.
By the end of 1995, there was 182 restaurants functioning, which expanded further to 205 locations by March of 1997 and further yet to 265 at the end of that same year. However, Lone Star faced difficulties with market saturation, rising food and labor costs, declining same-store sales, and management turnover since the company entered the late 90s. The company’s growth arrived at an unexpected halt, with all the chain reaching its maximum extent of 267 restaurants after opening just two in all of 1998, and ended the 1990s with 265 restaurants after closing two in 1999. During this time, the company’s stock price plummetted from $46 in 1996 to just $6 in the end of 1998. Because of this turmoil, a minor shareholder in Lone Star, Guy W. Adams, waged a successful battle to unseat Coulter as Chairman from 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 be part of 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 accept the offer.
As it became private, Lone Star Steakhouse has become de-listed from NASDAQ. This is the reason stopped sponsoring the #40 Dodge of David Stremme. Pursuing the buyout, new and remodeled Lone Star Steakhouse locations qdyktt through the classic “Texas Roadhouse” theme to your more urban-style restaurant, abandoning the majority of the Texas and cowboy themes in their older restaurants. The newer restaurant design is much more upscale, with virtually not one of the Americana observed in the pre-2006 restaurants.