Friday, May 5, 2017

Brick House parent reported near bankruptcy filing

Ignite Restaurant Group, whose Joe's Crab Shack flopped in a short run in Latham before being replaced by one of its Brick House Tap + Tavern restaurants, is expected to file for bankruptcy as early as next week.

The intended move by the financially troubled company that has been trying without success to find a buyer or buyers was reported today by Bloomberg News, citing sources.

Ignite has been suffering from a downturn in customer visits and spending, and industry analysts have cited further hits from its ill-conceived purchase of the Romano’s Macaroni Grill chain from Brinker International in 2013 for $55 million and sale of it for only $8 million just two years later.

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