Landry’s Isn’t Crabby – Offers $57M for Bankrupt Joe’s Crab Shack

Landry’s Inc., the Houston-based restaurant and entertainment company owned by Tillman Fertitta, ended up the winner of the bankrupt Ignite Restaurant Group’s Inc.’s assets. Landry’s offered $57 million for the Joe’s Crab Shack and Brick House Tavern + Tap restaurant chains.

The transaction will be a homecoming, of sorts; Fertitta sold Joe’s Crab Shack in 2006 to Ignite, through a private equity firm that paid $192 million. The exchanges between Landry’s and Ignite became somewhat snarky at times, as the two entities were unable to agree on a price.

The court must approve the sale in late August 2017. Once approved, the two chains will join other Landry’s brands, which include Morton’s Steakhouse and McCormick & Schmick’s.

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