Lone Star Steakhouse & Saloon was a casual dining restaurant chain, which served steak, seafood, salad, and other food items. Lone Star opened its first restaurant in 1989 in Winston-Salem, N . C .. In March 1992, Lone Star Steakhouse was a public company with eight restaurants opened. At its maximum, 267 Lone Star Steakhouses were in operation. The company declared Chapter 7 bankruptcy on September 7th, 2017.
As 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 of the restaurant still exist in accordance with Yelp-one in Knightdale, N . C ., then one 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 was a Saltgrass Steakhouse.
Lone Star was founded by Jamie B. Coulter, who started his restaurant career as a major franchisee of 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 an agreement with Creative Culinary Concepts to open up 4 Lone Star restaurants, which may have 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 bucks for expansion. The initial public offering raised $91 million. In 1993, 1994, and 1995, Lone Star Steakhouse Hours Sunday was awarded the difference of “best business in the united states” by Forbes magazine, as well as in 1994 ranked #6 in Fortune magazine’s listing of fastest-growing companies – a higher rank than every other restaurant. Coulter himself was named chief executive of the season in 1996 by Restaurants and Institutions.
At the end of 1995, there was 182 restaurants operational, which expanded further to 205 locations by March of 1997 and further yet to 265 in the end of the same year. However, Lone Star faced problems with market saturation, rising food and labor costs, declining same-store sales, and management turnover as the company entered the late 90s. The company’s growth got to a sudden 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 by the end of 1998. Due to this turmoil, a minor shareholder in Lone Star, Guy W. Adams, waged an excellent battle to unseat Coulter as Chairman from the Board of Directors from the company he had founded, though Coulter maintained his position of CEO. Lone Star had begun 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 contract 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 continues to be 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 from the classic “Texas Roadhouse” theme to some more urban-style restaurant, abandoning most of the Texas and cowboy themes in their older restaurants. The newer restaurant design is more upscale, with virtually not one of the Americana noticed in the pre-2006 restaurants.