Bankruptcy Law News

Landry’s $37.2 Million Buy of Bankrupt RUI Restaurants Approved

Sept. 24, 2019, 7:48 PM

Restaurant operator Landry’s Inc. won court approval to acquire bankrupt Restaurants Unlimited Inc.'s assets for $37.2 million after submitting the only qualified offer.

Landry’s, which operates popular chains such as Morton’s The Steakhouse and McCormick & Schmick’s, will add RUI’s assortment of restaurants brands, operating primarily in the West Coast. RUI’s brands include Palomino, Kincaid’s, and Palisade.

The purchase agreement, approved Sept. 24 by the U.S. Bankruptcy Court for the District of Delaware, represents “the highest and best offer that we could have received under the circumstances,” an RUI attorney said.

RUI filed for Chapter 11 bankruptcy in July, citing...

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