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 Menu Prices became 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, all of which are independently confirmed closed. Also since August 2019, two independently owned and operated locations with this restaurant still exist based on Yelp-one out of Knightdale, North Carolina, and something in Tamuning, Guam
On October 6th 2019. The Knightdale, NC location officially closed. The last of the Lone Star locations inside the continental US. The place became a Saltgrass Steakhouse.
Lone Star was founded by Jamie B. Coulter, who started his restaurant career as being a major franchisee from 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 a contract with Creative Culinary Concepts to open up 4 Lone Star restaurants, which may possess a Texas Roadhouse-style ambiance. Coulter incorporated Lone Star Steakhouse & Saloon in January of 1992, becoming the President, CEO, and Chairman of the chain.
The chain, around this point featuring eight restaurants, went public in March of 1992 to raise the money for expansion. The initial public offering raised $91 million. In 1993, 1994, and 1995, What Time Does Lone Star Steakhouse Open Today was awarded the difference of “best small enterprise in the country” by Forbes magazine, as well as in 1994 ranked #6 in Fortune magazine’s list of fastest-growing companies – a higher rank than any other restaurant. Coulter himself was named chief executive of the year in 1996 by Restaurants and Institutions.
At the end of 1995, there were 182 restaurants in operation, which expanded further to 205 locations by March of 1997 and additional yet to 265 in the end of the same year. However, Lone Star faced issues 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 came to an unexpected halt, using 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 in 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 of the Board of Directors in the company he had founded, though Coulter maintained his position of CEO. Lone Star had begun to seek a buyer to take the company private in 2002.
Private buyout. On August 18, 2006, the 222-restaurant large Lone Star Steakhouse chain signed a binding agreement to become acquired by Lone Star Funds, an unaffiliated, Dallas-based private equity firm, for $27.10 per share in 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 just accept the offer.
Because it became private, Lone Star Steakhouse has been de-listed from NASDAQ. This is also the main reason stopped sponsoring the #40 Dodge of David Stremme. Pursuing the buyout, new and remodeled Lone Star Steakhouse locations qdyktt from your classic “Texas Roadhouse” theme to some more urban-style restaurant, abandoning a lot of the Texas and cowboy themes in their older restaurants. The newer restaurant design is a lot more upscale, with virtually no Americana observed in the pre-2006 restaurants.