Ignite Restaurant Group files Chapter 11 to facilitate the sale
An affiliate of San Diego-based private equity firm Kelly Companies has agreed to purchase both the Joe’s Crab Shack and Brick House Tavern + Tap brands from Ignite Restaurant Group (IRG).
To facilitate the sale IRG, along with some of its subsidiaries, has now filed for Chapter 11, which includes a motion of bidding procedures that allows other companies to submit bids.
Both restaurants will remain open throughout the process.
IRG announced it was considering bankruptcy in May. Piper Jaffray & Co. will handle the sale process and serve as mergers and acquisitions advisor.