Landry’s Adds Palm Steakhouse Chain in Bankruptcy Sale

Restaurant giant Landry’s Inc. is purchasing The Palm steakhouse restaurant chain for $45 million, adding to its roster of restaurants that already includes Morton’s The Steakhouse.

The asset sale was approved at a court hearing Monday by Caryl E. Delano, chief judge of the U.S. Bankruptcy Court for the Middle District of Florida. The $45 million final sale amount accounts for adjustments following the original bid by Golden Nugget LLC, a Landry’s subsidiary, for $50 million.

Golden Nugget said it plans to close the sale Tuesday. The sellers are the Chapter 11 bankruptcy estate of Just One More Restaurant Corp. ...