Bar Louie has filed for Chapter 11 bankruptcy and reached an agreement with lenders to serve as the stalking horse purchaser. The company plans to continue to operate its 90 locations throughout this process and expects to emerge from bankruptcy within 90 days.

Bar Louie has received commitments from its lenders for debtor-in-possession financing, per a company release. This financing will allow Bar Louie to continue operations, effectuate the transaction, and fund post-bankruptcy operating expenses, including its obligations to employees and suppliers.

“Bar Louie is a profitable business focused on long-term growth with new investors. The sale through Chapter 11 will help us to focus on our profitable core locations and expand in areas that have a proven track record of success,” said Tom Fricke, CEO of Bar Louie.