Lone Star Steakhouse & Saloon

Lone Star Steakhouse & Saloon
Private
Industry Restaurants
Founded 1989
Headquarters Plano, Texas
Products Burgers, Steak, Seafood, Salad
Website www.lonestarsteakhouse.com
Lone Star Steakhouse, Jackson, Michigan

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. Starting on February 18, 2008 thru to December 2014, Lone Star closed 27 restaurants (several in the metro Washington DC area) to leave the company with 152 locations. Curiously, none of the Texas-themed restaurants can be found in the state of Texas, from which the restaurant's name is derived.[2]

As of 2011, Lone Star also operates the Texas Land and Cattle (ranch house styled) under the parent company name Center Cut Hospitality Inc.[3][4]

Private buyout

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.[5] 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 Lonestar stopped sponsoring the #40 Dodge of David Stremme.

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.

Awards

Lone Star Steakhouse & Saloon Australia

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.[6]

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

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

In October 2011, the original Parramatta store closed its doors and is being demolished.

References

  1. ↑ "Funding Universe Company Profile". Retrieved 8/7/2012. Check date values in: |access-date= (help)
  2. ↑ Lone Star Steakhouse Location Map
  3. ↑ http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=316905/ Accessed 2011-11-21
  4. ↑ http://www.steakco.com/ Accessed 2008-11-18
  5. ↑ TheDealBlogs — The Deal Blogs Network
  6. ↑ Outback Jacks takes over Lone Star in Sydney
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