Joe’s Crab Shack Reportedly Filing For Bankruptcy
Bloomburg is reporting that Joe’s Crab Shack and Brick House Tavern restaurant chains which are owned by Ignite Restaurant Group Inc. will soon be filing for Bankruptcy. According to the report the companies CEO resigned last month and are in debt up to $121 million, which includes a $112 million loan set to mature in 2019. The company sold off Macaroni Grill back in 2015 and now owns 112 Joe’s Crab Shacks and 25 Brick House Taverns across the country.
No word yet how this will affect the boardwalk locations but experts believe they will try and sell off the chains. These aren't the only sit down restaurant chains that are struggling. Outback Steakhouse, Bonefish Grill And Carrabba’s have all had to close stores and reports say Chili's is also facing hard times.