Craftworks Holdings, parent company of Gorden Biersch, Rock Bottom, Old Chicago and Logan’s Roadhouse, has laid off its nationwide staff of 18,000 people.

A Delaware bankruptcy judge has approved the sale of bankrupt CraftWorks Holdings to its secured lender, Fortress Credit, for $93 million.

Judge Approves $93M Bid for Bankrupt Craftworks Holdings

Share This Article

A Delaware bankruptcy judge has approved the sale of CraftWorks Holdings — the Nashville, Tennessee-based parent company of the Gordon Biersch, Rock Bottom, Logan’s Roadhouse and Old Chicago restaurant chains, which filed for Chapter 11 bankruptcy earlier this year — to its secured lender, Fortress Credit LLC, which filed a $93 million credit bid, according to Law 360.

Fortress plans to continue operating at least 150 of CraftWorks’ 261 restaurant locations.

According to the report, U.S. Bankruptcy Judge Brendan L. Shannon called Fortress’ bid to use debt it is owed to acquire CraftWorks’ assets the “best available option” for preserving the business.

“The options beyond this transaction are bleak at best,” the judge said.

Shannon added that he feared that Craftworks was moving toward a Chapter 7 liquidation due to the COVID-19 pandemic.

The deal has left CraftWorks’ landlords fearing that they would be out rent payments for March, April and May.


Leave a Reply

Your email address will not be published. Required fields are marked *


Latest Craft Beer News

Firestone Walker Brewing Releases “Luponic Distortion No. 16” IPA

Firestone Walker Brewing Company released Luponic Distortion IPA No. 16 with six hops from three continents for flavors of peach, pear drop and dragonfruit. Read More

Anthem Brewing to Update its Branding and Packaging

Anthem Brewing Company, founded in 2011, and one of Oklahoma’s original craft breweries, is releasing a refresh of its company logo and packaging. Read More

JDub’s Brewing to Open New Taproom and Move Production to Brew Theory

JDub’s Brewing Company is opening a new taproom at Brew Theory in Orlando, Florida, while also moving production of its core brands to the contract brewer. Read More