Lone Star Steakhouse & Saloon
Encyclopedia
Steak
A steak is a cut of meat . Most are cut perpendicular to the muscle fibers, improving the perceived tenderness of the meat. In North America, steaks are typically served grilled, pan-fried, or broiled. The more tender cuts from the loin and rib are cooked quickly, using dry heat, and served whole...
, seafood
Seafood
Seafood is any form of marine life regarded as food by humans. Seafoods include fish, molluscs , crustaceans , echinoderms . Edible sea plants, such as some seaweeds and microalgae, are also seafood, and are widely eaten around the world, especially in Asia...
, salad
Salad
Salad is any of a wide variety of dishes, including vegetable salads; salads of pasta, legumes, eggs, or grains; mixed salads incorporating meat, poultry, or seafood; and fruit salads. They may include a mixture of cold and hot, often including raw vegetables or fruits.Green salads include leaf...
, and similar food items. Lone Star opened its first restaurant in 1987 in Tampa,Florida. 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.
, 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) under the parent company name Center Cut Hospitality Inc.
Private buyout
On August 18, 2006, Lone Star Steakhouse signed an agreement to be acquired by Lone Star FundsLone Star Funds
Lone Star Funds is a worldwide private equity firm based in Dallas, Texas, that specializes in purchasing distressed companies and assets, often well-known consumer brands that have seen better times or gone through financial difficulties due to leveraged buy-outs...
, an unaffiliated, Dallas-based private equity firm, for $27.10 per share in cash. This initial agreement was opposed by some major shareholder
Shareholder
A shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....
s. 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
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
. This is also the reason Lonestar stopped sponsoring the #40 Dodge of David Stremme
David Stremme
David Andrew Stremme is an American stock car driver. He is most notable as the 2003 NASCAR Nationwide Series Rookie of the Year, winning the award while running a part time for several different teams. He currently drives the #30 Chevrolet Impala for Inception Motorsports.-Early life:Stremme was...
.
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 ParramattaParramatta, New South Wales
Parramatta is a suburb of Sydney, in the state of New South Wales, Australia. It is located in Greater Western Sydney west of the Sydney central business district on the banks of the Parramatta River. Parramatta is the administrative seat of the Local Government Area of the City of Parramatta...
in January 1993 after acquiring the naming rights from a Melbourne
Melbourne
Melbourne is the capital and most populous city in the state of Victoria, and the second most populous city in Australia. The Melbourne City Centre is the hub of the greater metropolitan area and the Census statistical division—of which "Melbourne" is the common name. As of June 2009, the greater...
-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 Maddington
Maddington, Western Australia
Maddington is a suburb 20 kilometres southeast of the central business district of Perth, the capital of Western Australia, within the City of Gosnells local government area...
, Whitfords and Morley
Morley, Western Australia
Morley is a suburb of Perth, Western Australia, situated approximately northeast of Perth's central business district within the City of Bayswater local government area. It contains the Centro Galleria, Perth's second-largest commercial shopping centre, constructed in 1994. The Morley bus station...
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
New South Wales
New South Wales is a state of :Australia, located in the east of the country. It is bordered by Queensland, Victoria and South Australia to the north, south and west respectively. To the east, the state is bordered by the Tasman Sea, which forms part of the Pacific Ocean. New South Wales...
, Victoria and Queensland
Queensland
Queensland is a state of Australia, occupying the north-eastern section of the mainland continent. It is bordered by the Northern Territory, South Australia and New South Wales to the west, south-west and south respectively. To the east, Queensland is bordered by the Coral Sea and Pacific Ocean...
employing more than 1,000 people.
In April 2010, Outback Jacks purchased all five New South Wales based restaurants, with plans to rebrand the buildings to the Outback Jacks name once franchisee are found.
On the 1st of July 2011 Lone Star Steakhouse announced that they will be closing all Queensland stores immediately.
Outback Steakhouse
Outback Steakhouse
Outback Steakhouse is an American casual dining restaurant chain based in Tampa, Florida with over 1200 locations in 22 countries throughout North and South America, Europe, Asia, and Australia. It was founded in February 1988 in Tampa by Bob Basham, Chris T...
Australia purchased the former Lone Star site in Penrith and after extensive remodeling opened Outback Steakhouse Penrith located within the campus grounds of Penrith Leagues Club. Outback Steakhouse operates 1000 restaurants in 23 countries.