LEAWOOD, Kan. – Fine dining and upscale casual restaurant company Houlihan’s Restaurant’s Inc. (HRI) announced a plan to execute an asset purchase agreement with Landry’s Inc. to act as a stalking-horse bidder. Landry’s will potentially acquire all HRI company assets pending higher bids or otherwise better offers.
HRI has initiated the proceedings under chapter 11 of the US Bankruptcy Code in the district of Delaware to better facilitate the sale. HRI has received new financing commitments to provide sufficient liquidity to fund the business and support operations during the proceedings and through the closing of the sale. Franchise restaurants are not included in the sale or chapter 11 and will continue to operate independently.
“We expect the process to be seamless for our guests, team members and vendors and look forward to continuing to provide our guests with the same great experience they expect when they dine with us,” said Mike Archer, CEO of HRI Inc. “Our brands continue to outperform competitors in sales and traffic and our profitability is improving across the company. This transaction provides us the opportunity to advance these successes and focus on our growth going forward.”
The sale transaction will be executed through an open, court-supervised sale process designed to maximize value for all stakeholders. The Company is seeking to have the process move swiftly, with the sale expected to close before year end 2019.
Court filings as well as other information related to the restructuring are available here, or call 877-725-7530 (U.S./Canada) or 424-236-7240 (International).
The Company is advised by the law firm of Landis Rath & Cobb LLP, M-III Partners, LP as financial advisor and Piper Jaffray as the Company's investment banker.