Bar Louie Files for Bankruptcy: Tri-State Locations Not Affected
If you saw the headline, 'Bar Louie Files for Bankruptcy', don't freak out. Our Evansville and Owensboro locations are not set to close. According to Chase Oswald, Operating Partner of Louie Management, our local locations will not be closing. From the Facebook group Tri-State Restaurant Reviews:
Bar Louie Evansville is locally owned and operated! We are here to stay! This does not impact any franchise locations.
There were 124 Bar Louie’s nation wide. Of those only 40 locations are actually franchisee or “privately” owned. The other locations are corporate owned and operated. Corporate is going through a reorganization and part of that they permanently closed over 30 stores around the country effective yesterday (1/27/2020)
You're probably wondering what's the difference between a franchise and a corporate location. Me too, so I dug into this a little. According to Franchise.com, chain stores are fully owned and managed by the parent corporation on behalf of the shareholders. A franchise unit, on its side, is owned by a franchisee (an outside investor). At the end of the day, both franchises and company-owned chain stores must follow similar guidelines and corporate policies.
Hopefully, this clears up any confusion, and girl's night out can proceed as scheduled!