Albany’s Logan’s location victim of bankruptcy
Albany Logan’s Roadhouse one of 21 restaurants closed by parent company
From Staff Reports
ALBANY — Albany area diners have one less option when deciding to eat out now that the Logan’s Roadhouse on the corner of Westover Boulevard and Nottingham Way has closed its doors.
The eatery shuttered late last week following news that the Nashville-based steakhouse chain had filed for bankruptcy last Monday. The restaurant’s parent company, LRI Holdings Inc., citing declining sales, made the decision to close 21 of the 250 restaurant locations it operates nationwide.
Financial issues had plagued the company in recent years, and its most recent financial report, available on the company’s website, showed that total revenue for the period Aug. 3, 2015 to Oct. 28, 2015 was $131.3 million, down 9.9 percent from the $145.7 million reported from Aug. 4, 2014 to Nov. 2, 2014.
Additionally, comparable restaurant sales had decreased 4.3 percent and customer traffic was down 7.4 percent. All of which added up to a $24.4 million net loss.
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