Lone Star Steakhouse & Saloon was founded in the Winston/Salem area of North Carolina in 1989. The restaurant offers a casual dining experience with typical American fare such as steaks, seafood, burgers, and salads. Each location has an old time, Texas ranch decor. By 2008, the company had 152 locations.
The restaurant chain fell on hard times.. It was purchased in 2006 by Lone Star Funds, an unrelated, private equity firm for $600 million. Once publicly traded on the NASDAQ, Lone Star Steakhouse is now privately owned. Since its purchase, newer restaurant locations and remodeled locations no longer feature the Texas ranch decor, but favor a more upscale, trendy type of motif. The menu has also been revamped and today features 25 items under $10. This has dramatically increased sales.
Today, Lone Star Steakhouse operates 78 restaurants in 29 states.