The prototype is yet another sign of progress for Logan's, which fell into bankruptcy in August 2016, back when the chain had 250 restaurants across 26 states. The steakhouse turned to the bankruptcy process again in March 2020. The chain's previous parent CraftWorks Holdings—which also owned Old Chicago, Rock Bottom Restaurant & Brewery, Gordon Biersch Brewery Restaurants, and more—planned to sell its 261 company-owned stores after shuttering 37 underperforming units, referring to “a devastating collapse in consumer activity and restrictions from state and local authorities on business operations and public gatherings.” At one point, the company was down to fewer than 25 employees after furloughing 18,000.
Fortress Investment Group purchased the company for $93 million, well below its original bid of $138 million. Since then, Logan's has appeared to thrive, with AUVs rising from $2.1-$2.2 million pre-COVID to north of $3 million. The chain also benefits from a suite of virtual brands, including Ember Smoked BBQ, Twisted Tenders, Roadies, and Logan's on the Road. In June, SPB moved its U.S. headquarters from Nashville to Houston as part of an effort to hire more employees and to bolster unit development.
“We’ve seen great growth and market share within the segment that [Logan's] operate,” Mazany told FSR in July. “And we have been able to layer in some sales channels and growth vehicles that have really helped grow that average-unit volume. So you take a platform like Logan’s and you grow it at that number—that is absolutely something that has been really good for us as far as from a profitability perspective and return on investment.”