Lone Star Steakhouse & Saloon
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|Products||Burgers, Steak, Seafood, Salad|
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. In March 1992, Lone Star became a public company with eight restaurants opened. On February 18, 2008, Lone Star closed 27 restaurants 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.
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. 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.
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.
- Winner of the 2005-2006 Golden Icon Award (presented by Travolta Family Entertainment) for "Best Steak House Chain".
Lone Star Steakhouse & Saloon Australia
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 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 it doors, and is being demolished.
- "Funding Universe Company Profile". Retrieved 8/7/2012.
- Lone Star Steakhouse Location Map
- http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=316905/ Accessed 2011-11-21
- http://www.steakco.com/ Accessed 2008-11-18
- TheDealBlogs — The Deal Blogs Network
- Outback Jacks takes over Lone Star in Sydney