Legendary Bar Founded in Illinois 35 Years Ago Now Bankrupt

It's not exactly breaking news that the past 5 years has been a challenge in the restaurant and bar industry. Today was more evidence of that as a legendary bar founded in Illinois 35 years ago has now declared bankruptcy.

There's good news and bad news about a story shared by Restaurant Dive today. It's about Bar Louie which was founded in Chicago in 1990 that has just declared chapter 11 bankruptcy. The press release shared by the company says that they have "secured commitments from its lender for debtor-in-possession (DIP) financing, ensuring it can maintain operations, complete the restructuring process, and meet obligations to employees and suppliers".

Along with the original Chicago/Naperville location, the Bar Louie website shows that there are also locations in St. Charles and Chesterfield, Missouri.

It was less than 2 years ago when Bar Louie offered big incentives for potential franchisees. With reduced traffic in 2020 for obvious reasons, the climb back to competitiveness has not been easy for any restaurants or bars. Let's hope that the restructuring that is underway for Bar Louie is a successful one so the brand can return to a successful trajectory.