Ignite Restaurant Group — operator of three Colorado Joe's Crab Shack restaurants and a Brick House Tavern + Tap in Parker — filed for Chapter 11 bankruptcy protection today, and a potential buyer has emerged after months of speculation about the struggling restaurant company.
Houston-based Ignite listed roughly $153 million in assets and $197 million in debt, according to court documents posted to Ignite's bankruptcy website.
The company had been exploring bankruptcy after it was delisted from the Nasdaq Stock Market in March.
In addition, KRG Acquisitions Co. LLC, an affiliate of San Diego-based private equity company Kelly Cos., has agreed to buy both Joe's Crab Shack and Brick House Tavern + Tap, according to a release.
