(Logan Roadhouse IPO story updated with more background information.)
NASHVILLE, Tenn. (TheStreet) -- LRI, the parent of more than 200 Logan's Roadhouse chain restaurants, filed to raise as much as $200 million from an initial public offering.
LRI will list its common stock on
under ticker symbol "LGNS."
Credit Suisse Securities is leading the offering for underwriters.
The company said it has shrunk its number of new restaurant openings to eight in 2009, and nine this year, from the usual 15 in order to save cash and bolster its financial position, as consumer discretionary spending is expected to remain at tighter levels in the near term.
Of the more than 200 Logan Roadhouse restaurants under LRI, the company operates 185. The rest are operated by two franchises.
LRI anticipates opening 15 restaurants next year.
For the 39 weeks ended May 2, LRI's net profit attributable to common stockholders was $6.2 million or $6.39 a share, compared with a loss of $10.7 million or $11.06 in the year-ago period.
-- Reported by Andrea Tse in New York
Follow TheStreet.com on
and become a fan on
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.