As part of the confirmed plan, overwhelmingly supported by Logan’s creditors and owners and termed “excellent” by the presiding judge, the company has:
• Restructured its balance to reduce its debt from approximately $400 million to just over $100 million, while significantly lowering its interest expenses.
• Exited 34 underperforming restaurants, resulting in aggregate incremental EBITDA of $3.6 million leaving the Company with a portfolio of strong performing restaurants.
• Renegotiated leases and contracts resulting in over $4 million in annual savings.
Through the operational turnaround Logan’s has instituted a number of changes to strengthen the brand to better serve its 30 million annual guests. Some of the broad changes implemented, driving the turnaround include:
• A revised menu with a return to the restaurants’ most popular items from year’s past, and a focus on streamlining operations to improve quality and execution.
• The launch of a major integrated marketing effort highlighting core favorites such as steaks, ribs and yeast rolls as well as the value Logan’s delivers to its guests.
• An investment in the teams through training, development and attractive compensation packages, to recruit and retain strong performers.
• Revised training programs with an emphasis on the quality and hospitality.
Logan’s has 195 company-operated and 26 franchised restaurants in 20 states.