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Lone Star Steakhouse & Saloon of Pennsylvania Inc history
Lone Star Steakhouse & Saloon of Pennsylvania Inc company history timeline
Coulter incorporated Lone Star Steakhouse & Saloon in January 1992, becoming the President, CEO, and Chairman of the chain.
The chain, at this point featuring eight restaurants, went public in March 1992 to raise the cash for expansion.
Coulter himself was named chief executive of the year in 1996 by Restaurants and Institutions.
On November 11, 2006, Lone Star Funds raised its offer to $27.35 per share.
The closures continued, including another large-scale store closing in September 2015 that saw another 19 units close, bringing the chain down to 112 stores.
In December 2015, Lone Star Steakhouse and Texas Land & Cattle restaurant chains were acquired by the newly formed Day Star Restaurant Group, at which point there were 78 Lone Star Steakhouses in operation.
Day Star co-founder Scott Smith left Day Star in March 2016 due to disagreements with his business partners, mainly Jean Stupec and Kimberly Anderson, over the direction of the company.
Among these closures was the closure of the original Lone Star Steakhouse in Winston-Salem, North Carolina, which shut down in the summer of 2016.
The Chapter 11 restructuring was converted to a Chapter 7 bankruptcy filing on September 7, 2017.
As of August 2019, the company website lists 4 locations, all of which have closed.
During the COVID-19 pandemic, the restaurant had offered take-out, delivery and dine-in options by June 2020.
By January 2021, the restaurant expanded their service to include curb side pick up, indoor and outdoor dining with restrictions.
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Lone Star Steakhouse & Saloon of Pennsylvania Inc competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Hops Grill & Brewery | 1988 | $3.7M | 10 | - |
| Damons Restaurant | - | $340,000 | 7 | - |
| Jocks & Jills | - | $284.9K | 5 | - |
| Jackmont Hospitality | 1994 | $44.0M | 600 | 587 |
| Gateway Clipper Fleet | 1958 | $37.5M | 200 | 1 |
| Patina Restaurant Group | 1989 | $18.6M | 2,872 | - |
| Bickfords Family Restaurant | - | $3.0M | 75 | - |
| Eateries | 1984 | $130.0M | 2,889 | - |
| Fratello’s | - | $910,000 | 10 | 1 |
| McMenamins Pubs & Breweries | 1983 | $180.0M | 3,528 | 31 |
Lone Star Steakhouse & Saloon of Pennsylvania Inc history FAQs
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