It’s Official: Joe’s Crab Shack Is On the Auction Block
A while back I told you about how Joe’s Crab Shack was struggling and that bankruptcy was looming for the company.
Today (Wednesday, June 7), it was announced that the parent company of Joe’s Crab Shack and the Brick House Tavern would be filing for Chapter 11 bankruptcy protection while putting itself up for sale.
This is a unique situation, and our friends at The Consumerist tell us:
Houston-based Ignite notes that per bankruptcy procedure it will participate in a bidding process to allow other companies the opportunity to submit bids to purchase the assets being sold.
No locations will be closing during the bankruptcy, and sale and gift cards will still be accepted.
Ignite is hopeful that the chain will sell to new owners quickly and without a loss of locations or jobs.
I spoke with a manager of the Lubbock's Joe’s Crab Shack under the condition of anonymity, and he stated it was still business as usual for the chain.
So get out there and eat some crabs!
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