Aw, shucks: Bankrupt Joe’s Crab Shack has two suitors

Houston-based Landry’s is making a play for the company that owns Joe’s Crab Shack and Brick House Tavern & Tap.

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Ignite Restaurant Group filed for Chapter 11 bankruptcy protection earlier this month “in order to facilitate a sale” of Joe’s and Brick House.

Landry’s, the legendary area company owned by Tilman Fertitta, operates more than 50 brands including Landry’s, McCormick & Schmick’s and Morton’s The Steakhouse.

Landry’s $55 million offer is not the only one on the table. KRG Acquisitions Co., an affiliate of Kelly Cos., a San Diego, California-based equity group, has made an offer to Ignite for $50 million — all cash.

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A hearing to schedule an auction, and to stave off the all-out bidding war between the two companies, is scheduled for later this month.