53-year-old restaurant chain is quietly closing locations nationwide

Core Insights - The trend of restaurant closures is increasingly common, particularly affecting long-standing establishments that hold significant community value [1] - Major restaurant brands, including well-established chains, are facing mass closures and bankruptcy due to rising costs and mounting debt [2] Company Overview - Houlihan's, a casual American restaurant and bar chain founded in 1972, has seen a significant reduction in its national presence, now operating only 22 locations [2][3] - The brand has closed several restaurants in recent years, with at least five locations shutting down recently, yet the parent company, Landry's, Inc., has not publicly addressed these closures [3] Financial Challenges - Houlihan's financial difficulties date back several years, with its then-parent company, HRI Holding Corp., filing for Chapter 11 bankruptcy in 2019, reporting assets and liabilities between $50 million and $100 million [5][6] - Key factors contributing to the bankruptcy included an expiring loan and high occupancy costs, leading to a sale agreement with Landry's, Inc. for $40 million in cash [6] Historical Context - At the time of the bankruptcy filing, HRI operated 47 restaurants across 14 states, including 34 Houlihan's locations, although 21 additional franchised locations were not included in the filing [7]