Tilman Fertitta (Landry's) wins Joe's Crab Shack in bankruptcy court
Tilman Fertitta's aggressive move to reclaim Joe's Crab Shack succeeded in bankruptcy court in Houston, giving the local billionaire a second chance to wring a profit from the struggling chain.
U.S. Bankruptcy Judge David Jones on Thursday approved a bid by Fertitta's company, Landry's, to buy the distressed Ignite Restaurant Group, which also operates Brick House Tavern & Tap. Feritta's growing restaurant and entertainment empire paid $57 million for both brands, a bargain price for a company once valued at $333 million.
"That's an extraordinary deal," said Jon Berke, middle markets editor for Debtwire. "They've been very opportunistic."
The sale culminates a monthslong game of cat-and-mouse between two Houston companies that have long operated some of the region's most well-known restaurant brands. Distinct differences in luck and strategy sent them on divergent trajectories, rendering one the predator and the other the prey in the cutthroat hospitality sector.
Read more: http://www.chron.com/business/retail/article/Tilman-Fertitta-wins-Joe-s-Crab-Shack-in-11882602.php
