Lone Star Steakhouse will close after today.
Jenny Lee, the manager of the restaurant, which is located on Premier Boulevard, confirmed today was the last day of business but offered no further explanation.
She did say she knew of a few other Lone Star’s that were closing.
A corporate official could not be immediately be reached for further comment.
The Myrtle Beach Restaurant News, which reported last month Lone Star was closing there says according to the International Directory of Company Histories, the first Lone Star unit opened in 1989 in Winston-Salem, N.C. The casual steakhouse concept with a Texas-style decor became incorporated in 1992 and completed its initial public stock offering; at that time it had eight restaurants. Three years of expansion followed, and by 1995 the company had 182 restaurants. In 1993, '94 and '95, Lone Star was named the best small company in the country by Forbes magazine.
"In 1994, the company was the highest-ranked restaurant company on Fortune magazine's list of the country's 100 fastest-growing companies, placing sixth overall," the IDCH says. "Sales were increasing at an annual rate of 210 percent, while the company's operating profit margins averaged 26 percent, the highest percentage in the industry."
In 2006 the company was sold to a Texas-based private equity firm called Lone Star Funds for more than $600 million, and the company's stock was de-listed. At that time there were 222 Lone Star Steakhouse & Saloon restaurants, and in subsequent months several closed. In 2008 the new owner closed 27 restaurants, leaving 152 locations. Today the company has 134 locations.
Five Lone Star Steakhouses in Southern California have filed for Chapter 11 bankruptcy protection, the Orange County Register reported.