Joe’s Crab Shack Owner Said to Prepare Bankruptcy Filing
- Ignite Restaurant Group also runs Brick House Tavern chain
- Declining sales could push company over brink this month
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The operator of the Joe’s Crab Shack and Brick House Tavern restaurant chains is preparing to file for bankruptcy, according to people familiar with the matter.
Ignite Restaurant Group Inc. could file as soon as next week, said the people, who asked not to be identified because the process isn’t public. In early April, the company announced it was pursuing options including a possible sale with financial adviser Piper Jaffray Cos. Both strategic and private equity buyers are considering purchasing the company out of bankruptcy, according to one of the people.