Logan’s Roadhouse CFO James Hagan resigned last week, just three months after he was named to the position, according to an SEC filing Monday.
The company has named Edmund Schwartz, former chief administrative officer at Pet Supplies Plus Inc., interim CFO. There is no word on a search for Hagan’s permanent replacement.
Schwartz is Logan’s third CFO this year. Amy Bertauski left the Nashville, Tenn.-based casual-dining operator in February. Hagan, who has worked with companies including Benihana, Central Parking Corp. and Dollar General, was named to the position in late May.
Logan’s declined to comment.
Before Schwartz took a position with Pet Supplies Plus, he had been interim CFO at Summer Infant Inc., a juvenile health and wellness product company. From 2008 through 2012, he was CFO at CB Holding Corp., which owned Charlie Brown’s Steakhouse, among other concepts.
Logan’s has been struggling for some time, with declining sales and a heavy debt load. Under CEO Sam Borgese, the chain has been shifting away from discounting. Same-store sales in the third quarter decreased 4.3 percent due to an 8.5-percent decline in traffic. Average check, however, increased 4.6 percent.
Logan’s parent company, LRI Holdings Inc., recorded a $6 million net loss in the third quarter ended May 3, wider than the $1.7 million net loss in the same period the previous year.
Total revenue decreased 3.6 percent, to $163.6 million, from $169.7 million the previous year. The company has $380 million in long-term debt, according to SEC filings, and $10.7 million in interest expense in the quarter.
Logan’s was ranked 61 on the Nation’s Restaurant News Top 100 after posting system sales of $711.4 million last year, a 1-percent decrease from $718.8 million the year before, when the company was ranked 57.
This story has been revised to reflect the following update:
Update: Sept. 1, 2015 This story has been updated to include that Logan's declined to comment.
Contact Jonathan Maze at [email protected].
Follow him on Twitter: @jonathanmaze
