Lone Star Steakhouse & Saloon

On August 18, 2006, the 222-restaurant large Lone Star Steakhouse chain signed an agreement to be acquired by Lone Star Funds, an unaffiliated, Dallas-based private equity firm, for $27.10 per share in cash.[9] This initial agreement was opposed by some major shareholders.[10][11] 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 became private, Lone Star Steakhouse was de-listed from NASDAQ. This is also the reason Lone Star stopped sponsoring the No. 40 Dodge of David Stremme. Following the buyout, new and remodeled Lone Star Steakhouse locations switched from the classic "Texas Roadhouse" theme to a more urban-style restaurant, abandoning most of the Texas and cowboy themes in its older restaurants. The newer restaurant design was more upscale, with virtually none of the Americana seen in the pre-2006 restaurants. This was largely due to the changes made from two major shareholders that bought into the new ownership in March 2007, Jean Stupec and Kimberly Anderson. Significant changes were made and talk of closing locations was soon underway. This was mostly due to the convincing shareholders meeting that either a number of locations close or they would lose a significant amount of money. This shareholders meeting was led by Jean Stupec, who was well known in the industry for possessing one of the best business minds in the restaurant field. It was also led by her now husband, Daniel Skinner. Daniel Skinner was also well known in his field as one of the top union laborers in Chicago area.

Under Lone Star Funds' ownership, and largely in response to the Great Recession, Lone Star significantly reduced its restaurant locations. This included closures in early 2014 that totaled 27 restaurants, bringing the chain down to 152 locations.[12] The closures continued, including another large-scale restaurant closing in September 2015 that saw another 19 units close, bringing the chain down to 112 locations.[13]

In December 2015, Lone Star Steakhouse and Texas Land & Cattle restaurant chains were acquired by the newly formed Day Star Restaurant Group, at which point there were 78 Lone Star Steakhouses in operation.[14] Day Star co-founder Scott Smith left Day Star in March 2016 due to disagreements with his business partners, mainly Jean Stupec and Kimberly Anderson, over the direction of the company.[14] After Smith's departure, restaurant closures accelerated, with the Lone Star brand declining from 64 locations at the end of December 2015 down to 16 locations in January 2017.[14] Among these closures was the closure of the original Lone Star Steakhouse in Winston-Salem, North Carolina, which shut down in the summer of 2016.[15]

After closing most of the remaining restaurants, Lone Star Steakhouse filed for Chapter 11 Bankruptcy Protection on February 13, 2017.[16][2] The company claimed that the remaining restaurants were sold to a new owner on July 31, 2017, and for that reason explained that any gift cards would no longer be honored.[17] The Chapter 11 restructuring was converted to a Chapter 7 bankruptcy filing on September 7, 2017.[2]

As of August 2019, the company website listed 4 locations, all of which have since closed. The website lists locations in Mount Vernon, Illinois, which closed in March 2019;[18] in Mount Pleasant, Michigan, which closed on October 5, 2018;[19] in Asheville, North Carolina, which closed on July 2, 2018;[20] and in Middletown, Ohio, which closed in September 2018.[21] On October 6, 2019, an independently run location in Knightdale, North Carolina officially closed, which was the last Lone Star location in the continental United States.

Yelp indicates that one instance of this restaurant still exists by name in Tamuning, Guam.[22] During the COVID-19 pandemic, the restaurant had offered take-out, delivery and dine-in options by June 2020.[23] By January 2021, the restaurant expanded their service to include curb side pick up, indoor and outdoor dining with restrictions.[24]

Sullivan's Steakhouse was conceived of by Lone Star founder Jamie Coulter in 1995, who sought to introduce a new restaurant brand that would cater to the lower end of the upscale steakhouse market, where checks would average $35 per patron.[1] The restaurants, named after boxer John L. Sullivan, were inspired by 1940s’ interior decor that was designed with an 80% male clientele in mind.[1] The first Sullivan's opened its doors in May 1996 in Austin, Texas.

Sullivan's hit an all-time high of 20 restaurants by 2011.[25]

Sullivan's separated from Lone Star in 2012, when the Del Frisco's Restaurant Group, consisting of 32 restaurants under the Del Frisco's Double Eagle Steak House, Del Frisco's Grille, and Sullivan's Steakhouse banners, went public.[26]

The original Sullivan's Steakhouse in Austin closed on January 9, 2018.[27]

The Del Frisco's Restaurant Group sold its then-14 unit Sullivan's Steakhouse division to Romano's Macaroni Grill in September 2018 in order to pay off debts.[28]

As of February 2023, there are 15 Sullivan's Steakhouses in operation.[29]

Del Frisco's was founded in 1981, and was bought out by Lone Star Steakhouse & Saloon shortly before the launch of the Sullivan's Steakhouse brand.[1][30] Del Frisco's would serve as the most upscale of the Lone Star Steakhouse family of restaurants.[1]

The Del Frisco's Restaurant Group, including restaurants under the Del Frisco's Double Eagle Steak House, Del Frisco's Grille, and Sullivan's Steakhouse banners, separated from Lone Star when it went public in 2012.[26]

As of February 2021, there are a total of 16 Del Frisco's Double Eagle Steak House restaurants and 24 Del Frisco's Grille restaurants in operation.[31][32]

As of 2002, Texas Land and Cattle steakhouses (stylized TXLC) were part of The Steak Company, a corporate umbrella that also owned the Lone Star, Sullivan's, and Del Frisco's brands.[33]

Texas Land & Cattle was purchased along with Lone Star Steakhouse from Lone Star Funds by Day Star Restaurant Group in December 2013; at the time of the sale, there were 27 Texas Land & Cattle restaurants, most of which were in the state of Texas.[14]

At the end of December 2015, 25 TXLC remained in operation, but this figure dropped to 15 units by January 2017.[14] TXLC entered Chapter 11 bankruptcy protection along with Lone Star in February 2017.[16][2] The company claimed that the remaining restaurants were sold to a new owner on July 31, 2017, and for that reason any gift cards were no longer being honored.[17] The bankruptcy converted to Chapter 7 in September 2017, and the case continues to this day.[2]

As of February 2021, the Texas Land & Cattle website lists 1 open location.[34]