Lone Star Steakhouse & Saloon

Lone Star Steakhouse & Saloon logo

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 October 1989 in Winston-Salem, North Carolina. In March 1992, Lone Star became a public company with 8 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.^[1]

As of 2007^[update], Lone Star also operates the restaurant concepts Sullivan's (1940's styled with jazz music), DelFrisco's Double Eagle Steak House (upscale traditional), and Texas Land and Cattle (ranch house styled).^[2]

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 to by some major shareholders.^[3] 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.^{[citation needed]}

Awards

Winner of the 2005-2006 Golden Icon Award (presented by Travolta Family Entertainment) for "Best Steak House Chain".

Lone Star Steakhouse & Saloon Australia

Lone Star Steakhouse & Saloon first opened its door in Australia, at Parramatta in January 1993 after acquiring the naming rights from a Melbourne-based franchise of the same name.

In August 2000 Lone Star, following a business review of its operations in Australia, shut down 10 stores across Australia (Launceston and Hobart in Tasmania; Townsville in Queensland; Geelong, Sunshine, Frankston and Brighton in Victoria; and Whitfords and Morley in Western Australia).

On December 22, 2003, the Australian operations were bought out by Robert LaPointe and Tim Smith, and it is no longer owned by the American company.

As of October, 2008 there are 11 Lone Star Restaurants operating in New South Wales and Queensland employing more than 1,000 people.

References

^ Lone Star Steakhouse Location Map
^ http://www.steakco.com/ Accessed 2008-11-18
^ TheDealBlogs — The Deal Blogs Network

External links

[1] Lone Star Steakhouse Location Map

[2] ttp://www.steakco.com/ Accessed 2008-11-18

[3] TheDealBlogs — The Deal Blogs Network

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