Deals
Landry’s Offers to Snap Up Another Bankrupt Restaurant Chain
- Houlihan goes bust and billionaire Fertitta bids $40 million
- Eateries owned by York Capital succumbed to pile of debt
A sign sits outside a Houlihan's restaurant in Columbia, Maryland.
Photographer: Tripplaar Kristoffer/Sipa via AP Photos
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Houlihan’s Restaurants Inc. may become the latest chain of eateries scooped up out of bankruptcy by billionaire Tilman Fertitta.
The casual dining company filed for Chapter 11 protection in Delaware along with more than 30 affiliates. But Landry’s, the Houston-based restaurant group that operates Joe’s Crab Shack, Rainforest Cafe and Morton’s steakhouses, has already offered to pay $40 million for the business and to assume certain liabilities, court documents show. Houlihan’s listed about $80 million in assets and $77 million of liabilities.