The owner of the Elephant Bar Restaurant Group has changed, a familiar occurrence for the distressed brand. Las Vegas-based Gen3 Hospitality announced today it had acquired the restaurant company, which includes seven locations in Nevada, California and New Mexico.
The brand, which is known for its globally influenced dishes and safari decor, has been acquired and sold several times in the past few years and has filed for bankruptcy in 2014 and in 2017. Gen3 Hospitality acquired the brand out of bankruptcy from Coast to Coast Entertainment, Inc. And in 2014, Chalak Mitra Group acquired the then-29-unit Elephant Bar out of bankruptcy.
Gen3 Hospitality founder and principal, Billy Richardson is undaunted by the brands complicated history.
“We’re focusing on the future, and we know Elephant Bar has a strong following and a family-like atmosphere. It started as a family business, just like Gen3 Hospitality,” he told Restaurant Hospitality in an email. “People remember when they had their first birthday party there, where they celebrated a high school graduation or where they went on their first date at Elephant Bar. A lot of memories have been made at Elephant Bar, and we want to keep that spirit and connection to the community alive.”
Richardson said he had no plans to close any Elephant Bar units, but he plans to make some changes.
“We will continue to discuss potential opportunities with our team and our guests,” he wrote. “For instance, we're in the process of bringing back menu items and promotions that are crowd favorites, as well as the Life Experience Discount for senior guests. We are also evaluating the existing physical assets, so we can make the necessary investment to revitalize the brand while reinforcing the aspects guests have loved for nearly four decades.”
Gen3 Hospitality owns five other restaurant concepts including Flour and Barley and Holsteins Shakes and Buns.
Las Vegas-based management consulting firm Joseph Beare & Company served as an advisor and strategic partner to Coast to Coast Entertainment, Inc. and Gen3 Hospitality during the acquisition.
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