Bar Louie Restaurant Chain Files Second Bankruptcy in Five Years

The operator of gastropub chain Bar Louie filed for bankruptcy for the second time in five years, looking to sell itself as a going concern.

The casual dining chain is closing about 14 locations and borrowing up to $1.25 million from its senior lender to maximize the potential for a sale to the highest bidder, according to filings Wednesday in the US Bankruptcy Court for the District of Delaware.

The company owes about $70 million to lender Bar Louie LLC—an entity run by distressed restaurant investor Jeff Crivello—which snapped up the company’s debt earlier this year.

Crivello, whose firm last ...