Sunset falls on Lone Star chain

A CHAIN of Texas-style restaurants in southeast Queensland has closed its doors, owing about $1.8 million.

A CHAIN of Texas-style restaurants in southeast Queensland has closed its doors, owing about $1.8 million.

The collapse of the Lone Star Steakhouse and Saloon network last week has left about 120 mostly casual staff without a job.

The company operating the four outlets, Stakeco Pty Ltd, appointed Brisbane accounting firm PA Lucas & Co as voluntary administrators on June 30.

Stakeco director Timothy Smith declined to comment yesterday and his fellow director, Kerri Busch, could not be contacted.

Records show Stakeco was a $2 company registered in early 2009 and owned solely by Mr Smith.

They operated restaurants in the Brisbane suburbs of Aspley, Browns Plains and Springwood, with a Gold Coast outlet at Mermaid Beach.

Four of the restaurants operating in NSW are owned by a separate corporate entity and remain open for business.

Administrator Peter Lucas said it was too early to determine why the business failed but it might have been a victim of the two-speed economy.

Most employees were casual and some superannuation payments might not have been made for up to 12 months, he said.

"It's always very sad when we have to shut a business down and put off so many people but in these circumstances we had no other alternative," Mr Lucas said.

"We have been approached by another chain who are looking for staff and we're looking to work with that party to place as many staff as possible."

About 50 small businesses owed nearly $850,000 have also been hit by the Stakeco crash. The first meeting of creditors has been scheduled for next Tuesday.

The Lone Star restaurants, which originated in the US, first opened in Australia in the early 1990s.

Stakeco bought the Queensland outlets two years ago.

The restaurant website said the eateries provided "Australia's leading steakhouse dining experience", infused with a "Texan roadhouse" ambience of artefacts, music, neon beer signs and staff line dancing.