Houlihan's Files Ch. 11 With $40M Bid From Landry's
Law360 (November 14, 2019, 11:41 AM EST) -- Restaurant chain Houlihan’s Restaurants Inc. has filed for bankruptcy in Delaware and plans to sell its assets at auction, with rival dining chain operator Landry’s LLC serving as the stalking horse bidder with a $40 million opening bid.
In a first-day declaration filed Thursday, Chief Restructuring Officer Matthew Manning said Houlihan’s has been beset by a changing labor market, expensive leases and competition from delivery startups like Uber Eats and Postmates.
HRI operates 34 of its own eponymous Houlihan’s restaurants, mostly across the Midwest and East Coast, as well as the chains J. Gilbert’s Wood-Fired Steak and Seafood, Bristol Seafood Grill...
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