Morton’s Owner Landry’s Offers $37.2 Million Bid for RUI Assets

Landry’s Inc., a Houston-based restaurant operator that owns Morton’s The Steakhouse chain, submitted an initial $37.2 million bid to buy the assets of bankrupt RUI Holding Corp.

The stalking horse bid, filed at the Delaware bankruptcy court Aug. 27, seeks a break-up fee of about $1.1 million and expense reimbursement up to $300,000.

The court has scheduled an Aug. 28 hearing to consider the offer.

RUI filed for Chapter 11 in Delaware in July, citing higher labor costs and declining revenue. New minimum wage laws in San Francisco, Portland, and Seattle contributed to rising labor costs, it said.

RUI, which ...