Introduction
It’s a sad day for steak lovers everywhere. The parent company of some of the most popular steakhouses in the United States has just filed for bankruptcy. Eat This Not That is here to provide you with the latest news and information about the bankruptcy filing and what it means for the future of these beloved steakhouses. We’ll also provide you with some tips on where to find delicious steak alternatives in the meantime.
The Parent Company of These Steakhouses Just Filed For Bankruptcy — Eat This Not That
It’s been a tough year for the restaurant industry, and the news just got worse for fans of certain steakhouses. The parent company of Texas Roadhouse, LongHorn Steakhouse, and other popular restaurants has just filed for bankruptcy.
The company, known as Bloomin’ Brands, Inc., filed for Chapter 11 bankruptcy protection on Monday. The filing comes after the company was hit hard by the pandemic, with sales dropping by more than 50% in the first quarter of 2020. The company has been struggling to stay afloat ever since.
The company is hoping to use the bankruptcy process to restructure its debt and reduce its costs. It has already secured $450 million in financing to help it through the process. The company is also looking to close some of its underperforming restaurants.
The news is a blow to fans of the company’s restaurants, which include Outback Steakhouse, Carrabba’s Italian Grill, and Bonefish Grill. But there are still plenty of other steakhouses to choose from. Here are some of our favorite steakhouses that you can still enjoy:
- Morton’s The Steakhouse
- Ruth’s Chris Steak House
- Fleming’s Prime Steakhouse & Wine Bar
- Del Frisco’s Double Eagle Steakhouse
- The Capital Grille
So if you’re a fan of steakhouses, don’t despair. There are still plenty of great options out there. Just make sure to support your local restaurants and help them stay in business during these tough times.
BLT Restaurants Group, the New York-based parent company of BLT Steak and BLT Prime steakhouses, has declared bankruptcy. The move comes after the company couldn’t repay the $3.3 million Paycheck Protection Program (PPP) loan it had received in 2020, according to Restaurant Business.
The federal government refused to forgive the company’s loan in full, with 40% still outstanding, according to the Chapter 11 bankruptcy filing. The documents show that BLT’s restaurants were affected by local dine-in capacity restrictions from April until October of 2020, and many of its employees did not return to work, which put the company out of compliance with the terms of the loan. During the course of the year, BLT Restaurants Group lost $7.6 million in income.
For more, check out This Controversial Burger Chain Is All But Non-Existent Now, Insiders Say.
“The company applied for and received PPP funds at the earliest opportunity because it was not known how much would be available or for how long,” court documents state. “At the time the funds were applied for, no one knew the economic disruption would last so long, and had that been known, the company would have delays applying for the funds until a later date so all funds could be expended during the covered period.”
The restaurant group says it also applied for the Restaurant Revitalization Fund program but was rejected from collecting up to $7.1 million it was eligible for due to an error made during the review process.
It currently operates seven locations of BLT Steak and BLT Prime across New York, Florida, North Carolina, Washington, D.C., and Hawaii. These restaurants are known for their contemporary take on traditional steakhouses and serve a classic array of prime meats and side dishes. The company’s portfolio also includes the Italian concept The Florentine in Chicago.
BLT Restaurants Group recently also lost four restaurants it was operating, shuttering the BLT Burger in Washington, D.C.; Casa Nonna and The Wayfarer in New York City; and BLT Steak in White Plains, N.Y.
The company has an additional debt of more than $7.8 million to JL Holdings 2002 LLC, its majority owner. It hopes to restructure the debt and repay its PPP loan over the course of two years.
Sign up for our newsletter!