
Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Author: Joel R. Glucksman
Date: August 26, 2016
Partner
201-896-7095 jglucksman@sh-law.comAccording to The Wall Street Journal, the company’s reorganization plan calls for closing a portion of its restaurant locations and engaging in negotiations with creditors to reduce its remaining debt load.
In its bankruptcy filings, the company claimed assets of only between $10 million and $50 million, but its liabilities ranged from $100 million to $500 million. Last Call cited a decline in the restaurant industry as sales dropped and labor costs rose for its 80 restaurants and 4,700 employees nationwide.
The company stated in court documents that this is the second time the owner of these chain restaurants has sought Chapter 11 bankruptcy protection. In 2013, the ownership group led by private equity funds Steel Partners LLC and Newcastle Partners LP sold the restaurant chains to Cerberus Business Finance after it reported only $14.5 million in assets and $91.5 million in debt. At the time, the owners claimed consumers were spending less on dining out due to the economic downturn in the U.S.
Its bankruptcy plan calls for the closing of at least 18 underperforming restaurant locations, with more possibly on the way in the near future. Last Call also plans to negotiate with debtors to cut its debt load, but there are no active agreements in place. The company also may liquidate a portion of its remaining assets.
Fox & Hound, Last Call’s largest asset, is just the latest among several top national chain restaurants to seek Chapter 11 bankruptcy protection since 2015. According to Kansas.com, Logan’s Roadhouse, Johnny Carino’s and several other notable chains filed for bankruptcy protection due to the restaurant recession last year.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Special purpose acquisition companies (better known as SPACs) appear to be making a comeback. SPAC offerings for 2025 have already nearly surpassed last year’s totals, with additional transactions in the pipeline. SPACs last experienced a boom between 2020–2021, with approximately 600 U.S. companies raising a record $163 billion in 2021. Notable companies that went public […]
Author: Dan Brecher
Merging two companies is a complex legal and business transaction. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process that involves important corporate governance considerations. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process. However, […]
Author: Dan Brecher
The Trump Administration’s new tariffs are having an oversized impact on small businesses, which already tend to operate on razor thin margins. Many businesses have been forced to raise prices, find new suppliers, lay off staff, and delay growth plans. For businesses facing even more dire financial circumstances, there are additional tariff response options, including […]
Author: Brian D. Spector
Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]
Author: Christopher D. Warren
*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]
Author: Scott H. Novak
On January 28, 2025, the Trump Administration terminated Gwynne Wilcox from her position as a Member of the National Labor Relations Board (NLRB or the Board). Gwynne Wilcox, a union side lawyer for Levy Ratner, was confirmed to the Board for an original term in 2021 and confirmed again for a successive five-year term expiring […]
Author: Matthew F. Mimnaugh
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!