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Bankruptcy May Be Your Option

Casual-dining restaurant expected to seek bankruptcy protection

Those who run businesses in Oklahoma put a great deal of effort into creating a successful enterprises. Unfortunately, there are factors beyond the efforts of employees that can impact a company's overall success. Casual-dining restaurants, such as Logan's Roadhouse Inc., are likely all too aware of this after rumors abound that the company will likely seek bankruptcy protection.

The chain has approximately 250 restaurants spread throughout 26 states. A bankruptcy filing would come after the company reportedly failed to make April debt payments. Additionally, an agreement with lenders is set to expire in mid-April. A spokesperson for the company has declined to comment on the likelihood of a filing, calling such claims market rumors.

The company is said to have liabilities of over $500 million, and it reportedly experienced a drop in revenue of approximately 10 percent since the time of its last quarterly report. Other restaurant chains of similar styles are also suffering as they see additional competition from fast-casual chains. This type of restaurant advertises fast service and fresh ingredients.

Regardless of the reason, many businesses and individuals in Oklahoma experience financial difficulties that are often more than they can manage. To get out from under a cloud of debt, the best option for many is to seek bankruptcy protection. An experienced attorney can help those who are struggling with such a burden to fully understand the options available to them and seek the most appropriate path. Often a frank conversation is the first step toward establishing a new direction that will allow for greater financial success.

Source: Bloomberg, "Logan's Roadhouse Said to Plan Bankruptcy Amid Restaurant Slump", Lauren Coleman-Lochner and Leslie Patton, Aug. 2, 2016

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