Bar Louie, the Texas-based gastropub chain known for its handcrafted cocktails and casual dining experience, has once again found itself on the financial ropes. Late Wednesday, the company filed for Chapter 11 protection in Delaware, reporting a staggering debt of at least $50 million. This latest bankruptcy move comes roughly five years after the brand previously sought refuge under Chapter 11, selling itself to creditors in a desperate bid for survival.
A Shrinking Footprint
In its petition, BLH TopCo LLC, Bar Louie’s parent company, disclosed assets ranging between $1 million and $10 million. As part of its restructuring strategy, the company is seeking to reject 14 leases tied to underperforming locations in major cities such as Nashville, Chicago, Dallas, and Denver.
“The leases identified on the rejection schedule are for restaurants determined to be underperforming or unprofitable,” the filing stated, signaling a strategic retreat from struggling markets.
A History of Financial Turmoil
Bar Louie’s troubles date back to 2020, when the company shuttered multiple locations just before filing for Chapter 11 protection. At that time, it carried an even heavier debt load—approximately $100 million—and blamed its financial woes on poor performance across dozens of its 134 locations.
The previous bankruptcy ended with secured creditor Antares Capital LP stepping in. The firm sacrificed $82.5 million in secured debt to acquire most of Bar Louie’s assets, as the struggling chain failed to attract outside buyers. Despite this restructuring effort, the gastropub brand has once again found itself in dire straits.
