Houlihan’s parent bankrupt, will sell to Landry’s

By MixDex Article may include affiliate links

The restaurant holding company that owns Houlihan’s has filed for Chapter 11 bankruptcy and agreed to a $40 million buyout.

• Restaurant company Landry’s will take over the chain, including assuming certain liabilities.
• Houlihan’s parent HRI Holding has already closed 12 unprofitable locations, leaving it with 47 “polished-casual” outlets.
• 34 of those use the Houlihan’s name, and there are an addition 23 franchised locations.
• Other HRI brands include Bristol and J. Gilbert’s.
• Landry’s, which owns the higher end Morton’s The Steakhouse, McCormick & Schmick’s, Mastro’s and franchises Bubba Gump Shrimp Co., Rainforest Cafe, Joe’s Crab Shack and Claim Jumper among other brands.
• HRI has financing lined up to keep operations going until the transaction closes, which it expects to wrap up by the end of 2019.