Ignite Files Chapter 11 and Announces Sale of Joe's Crab Shack to KRG Acquisitions
SEAFOODNEWS.COM by Michael Ramsingh - June 7, 2017
Ignite Restaurant Group has filed for Chapter 11 bankruptcy protection in a Texas court and said it will sell off its Joe’s Crab Shack and Brick House Tavern + Tap restaurant brands to KRG Acquisitions.
”Today's sale agreement represents the culmination of a long and thorough process, and is an important step in positioning Joe's and Brick House for future growth and success," said Ignite Chief Executive Jonathan Tibus. The stock plummeted 41% to 2 cents in afternoon trade. It has lost 97% of its value so far this year, while the S&P 500 has gained 8.8%."
To Read Full Story Login Below.