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Lone Star Steakhouse & Saloon

Lone Star Steakhouse & Saloon is a casual dining restaurant chain, serving steak, seafood, salad, and similar food items. Lone Star opened its first restaurant in 1989 in Winston-Salem, North Carolina.[1] In March 1992, Lone Star became a public company with eight restaurants opened. By the end of 1995, there were 182 restaurants in operation. Lone Star ended the 1990s with 265 Lone Star restaurants.[2] In August 2006, Lone Star became private.

Lone Star Steakhouse & Saloon
Private
IndustryRestaurants
Founded1989
HeadquartersPlano, Texas
Number of locations
4
Areas served
Illinois North Carolina Guam
ProductsBurgers, Steak, Seafood, Salad
ParentDay Star Restaurant Group
Websitelonestarsteakhouse.com

In 2008, Lone Star closed 27 restaurants, resulting in 152 locations.[3] By late 2013, Lone Star had 78 locations. By December 2015, they were down to 64 locations.[4]

As of October 2018 the company website lists 3 locations 2 in Illinois and 1 in North Carolina and 1 in Guam.[5] Curiously, none of the Texas-themed restaurants can be found in the state of Texas, from which the restaurant's name is derived.[6]

Contents

Private buyoutEdit

On August 18, 2006, Lone Star Steakhouse signed an agreement to be 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.[7][8] 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.

Because it is now private, Lone Star Steakhouse has been de-listed from NASDAQ. This is also the reason Lone Star stopped sponsoring the #40 Dodge of David Stremme.[citation needed]

Following the buyout, Lone Star Steakhouse switched from its "Texas Roadhouse" theme to a more urban-style restaurant, abandoning most of the Texas and cowboy themes in its older restaurants. The current restaurant design is more upscale, with virtually none of the Americana seen in the pre-2006 restaurants.

As of 2011, Lone Star also operates the Texas Land and Cattle (ranch house styled) under the parent company name Center Cut Hospitality Inc.[9][10]

In January 2014, Lone Star Steakhouse and Texas Land & Cattle restaurant chains have been acquired by Day Star Restaurant Group, which was newly formed after the companies merged. Texas Land & Cattle restaurant chain has 6 locations throughout Texas.[11]

Lone Star Steakhouse & Saloon AustraliaEdit

Lone Star Steakhouse & Saloon first opened in Australia, at Parramatta in January 1993 after acquiring the naming rights from a Melbourne-based franchise of the same name.

Over the next seven and a half years, Lone Star expanded to 21 stores across Australia. However, following an August 2000 business review of its operations Lone Star shut down 10 stores across Australia.

On December 22, 2003, the American parent sold the 11 remaining Lone Star Restaurants operating in New South Wales, Victoria and Queensland to Robert LaPointe and Tim Smith.

In April 2010, Outback Jacks Bar & Grill purchased all five New South Wales-based restaurants, intending to rebrand them once franchisees were found.[12]

On 1 July 2011, Lone Star Steakhouse announced that they would close all Queensland stores immediately.

In September 2017 the rebranded Lone Star Rib House opened a store in North Lakes shopping centre in Brisbane's north adding to its other stores in Mackay, Springfield and the Gold coast. Tossing your free peanut shells on the floor has also made a comeback.

In late 2011, Outback Steakhouse added the former Lone Star sites of Wentworthville and Penrith to its growing list of restaurants after extensive remodelling.

In October 2011, the original Parramatta store closed its doors.

ReferencesEdit

  1. ^ "Funding Universe Company Profile". Retrieved 2012-08-07.
  2. ^ "Funding Universe Company Profile". Retrieved 2017-08-12.
  3. ^ "Lone Star Steakhouse Prices". Retrieved 2017-08-12.
  4. ^ "Report: Plano restaurant company closing dozens of units nationwide". January 25, 2017. Retrieved 2017-08-12.
  5. ^ Lone Star Steakhouse Location Map
  6. ^ Lone Star Steakhouse Location Map
  7. ^ TheDealBlogs Archived 2006-12-18 at the Wayback Machine. — The Deal Blogs Network
  8. ^ "Major Stakeholder Opposed to Lone Star Steakhouse Merger". November 6, 2006. Retrieved 2017-08-12.
  9. ^ http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=316905/ Accessed 2011-11-21
  10. ^ http://www.steakco.com/[permanent dead link] Accessed 2008-11-18
  11. ^ "Texas Land & Cattle, Lone Star Steakhouses acquired by its own management team". Retrieved 2017-08-12.
  12. ^ Outback Jacks takes over Lone Star in Sydney

External linksEdit