SPB Hospitality facts for kids
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| Private | |
| Industry | Restaurant |
| Founded | 2020 in Broomfield, Colorado |
| Headquarters | Houston, Texas |
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Key people
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Josh Kern, (CEO) Jessica Hagler (CFO) |
| Owner | Fortress Investment Group, Golden Child Holdings |
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Number of employees
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18,000 |
SPB Hospitality is a company that owns and operates many different restaurant brands. It is based in Houston, Texas. The company has several popular casual dining restaurant chains. These include Logan's Roadhouse, Old Chicago Pizza + Taproom, J. Alexander's, Stoney River Steak House, Krystal Restaurants, Gordon Biersch Brewery Restaurants, and Rock Bottom Restaurants Breweries.
SPB Hospitality bought the businesses that used to belong to a company called CraftWorks. In late 2019, CraftWorks had over 390 restaurants. However, by March 2020, all of its owned restaurants closed. This happened after the company faced financial difficulties and the start of the COVID-19 pandemic in the United States. CraftWorks had to let go of most of its 18,000 employees. On June 12, 2020, SPB Hospitality bought CraftWorks' businesses for $93 million.
Contents
A Look at SPB Hospitality's History
The story of some of SPB Hospitality's brands began many years ago. In 1976, the first Old Chicago restaurant opened in Boulder, Colorado. Later, in 1988, the first Gordon Biersch Brewery Restaurant started in Palo Alto, California. The first Rock Bottom restaurant opened in Denver, Colorado in 1991.
In 1994, Rock Bottom Restaurants, Inc., became a public company. This means its shares could be bought and sold by anyone. In 1999, Gordon Biersch joined Big River Breweries. Later, in 2010, Rock Bottom Restaurants and Gordon Biersch Brewery Restaurant Group came together. They formed a new company called CraftWorks Restaurants and Breweries, Inc.
CraftWorks and Logan's Roadhouse
On November 1, 2018, CraftWorks announced it had bought Logan's Roadhouse. This restaurant chain started in 1991 in Lexington, Kentucky. Logan's Roadhouse is known for its grilled steaks and classic American dishes. They also serve sandwiches, soups, salads, and seafood.
How SPB Hospitality Began
On June 12, 2020, SPB Hospitality bought CraftWorks for $93 million. SPB Hospitality is connected to a company called Fortress Investment Group. After this, SPB Hospitality continued to grow. In 2021, it bought J. Alexander's Holdings. Then, in 2023, SPB Hospitality also acquired Krystal Restaurants.
Financial Challenges and New Ownership
On March 3, 2020, CraftWorks faced financial difficulties and filed for a type of business reorganization. The company had planned to sell itself to its lenders for at least $138 million. However, the lenders later changed their minds about providing a loan for the company to keep operating.
Because of these challenges, on April 1, 2020, CraftWorks had to let go of almost all of its 18,000 employees. Their health benefits also ended. This led to SPB Hospitality buying the company's businesses.
Restaurant Brands You Might Know
SPB Hospitality owns many different restaurant chains. Here are some of them:
- Gordon Biersch Brewing Company
- J. Alexander's
- Krystal
- Logan's Roadhouse
- Old Chicago Pizza & Taproom
- Redland's Grill
- Rock Bottom Restaurant Breweries
- Stoney River Legendary Steaks
Logan's Roadhouse
Logan's Roadhouse serves classic American food. Their menu includes steaks cooked on a mesquite grill. You can also find sandwiches, soups, salads, and seafood. They are famous for their homemade yeast rolls and unlimited buckets of peanuts. Logan's also offers appetizers, hamburgers, and side dishes like french fries, rice, and baked potatoes.
Old Chicago Pizza & Taproom
Old Chicago Pizza & Taproom has many locations across the United States. CraftWorks Restaurants & Breweries used to operate 60 of these restaurants. There are also 36 other locations that are run by franchise partners. Old Chicago restaurants can be found in 22 different states.
Gordon Biersch Brewery Restaurants
Gordon Biersch restaurants are known for combining German-style beer with food made from scratch. Their beers follow a German purity law from 1516. Gordon Biersch has won many awards for its beers at big festivals like the Great American Beer Festival. The menu offers American dishes with international flavors. The first Gordon Biersch opened in Palo Alto, California. The company also had six locations in Taiwan.
Rock Bottom Restaurant Breweries
The company operates 16 Rock Bottom Restaurant & Brewery locations. These restaurants are in several states. For example, there are five in Colorado and five in Illinois. Other states like California, Florida, and Maryland each have one. The name "Rock Bottom" came about because someone noticed they were building at the "bottom of the rock." In 2009, a Rock Bottom location won an award at the Great American Beer Festival. In 2012, they won another award at the World Beer Cup. Rock Bottom Restaurants also won the Brewpub Group Brewer of the Year award in 2013.
