joes crab shack?

[waterdog]

bad deal for the employees....Employees and customers were surprised to find restaurants’ doors closed
Customers and employees of Joe’s Crab Shack were stunned this week to discover the restaurants closed with no warning. The company has closed 41 restaurants so far.

[icetrauma]

Only ate there once, but that is a raw deal for the employees. Didn't Fertitta, Landry's Corporation, buy them out of bankruptcy a month or 2 back or is that sale not completed yet?

[okrattler]

What the heck? If Joe's got crabs tell him to bathe in kerosene and get back to work. People are hungry they ain't got time for that.

[dfkoon]

I was told Landry's bought them and closed ~40 stores.

I never thought they were that great. But bad deal for the employees.

[Catarina]

QUOTE]Didn't Fertitta, Landry's Corporation, buy them out of bankruptcy a month or 2 back or is that sale not completed yet?[/QUOTE]

Yes and he only paid alittle over $50 million for it, that's really a bargain for a chain like that especially for Fertitta since he's already set up with similar restaurants

[iamntxhunter]

Wow!
They didn't have the best food but it was always decent when I ate there which wasn't very often.

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[Playa]

For the economy to be reportedly so strong it sure seems like there has been a lot of businesses shuttered. Lubbock had about a 1/2 doz restaurants close in about a 45 day period. 1 was like this where 2 closed without notice leaving employees and contractors in the cold getting paid

[AntlerCollector]

I guess $50 million was a good price to pay to eliminate the competition

[Landrover]

QUOTE]Didn't Fertitta, Landry's Corporation, buy them out of bankruptcy a month or 2 back or is that sale not completed yet?

Yes and he only paid alittle over $50 million for it, that's really a bargain for a chain like that especially for Fertitta since he's already set up with similar restaurants[/QUOTE]


Yes. He won the final bid two weeks ago. He owned the concept originally. Sold it for a few hundred million and bought it back in bankruptcy for pennies in the dollar. Incredible strategic move as it included all the Brick House Taverns!!! Last time I went was in 2014' and it was clear they were struggling. Not sure of all the details of the OP but I am thinking he does not want subpar facilities, service, etc tainting his overall brand......which is massive. I will see what I can learn from the Greater Houston Restaurant Association folks on what to expect next. It could be all about location, location, location. ......which I can fully understand that move.

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[Landrover]

I guess $50 million was a good price to pay to eliminate the competition

Bingo.....and get back the real estate you owned previously. ......smart dang move!!![emoji122] [emoji122] [emoji122]

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[HoustonHunter]

For the economy to be reportedly so strong it sure seems like there has been a lot of businesses shuttered. Lubbock had about a 1/2 doz restaurants close in about a 45 day period. 1 was like this where 2 closed without notice leaving employees and contractors in the cold getting paid

Chain restaurants are struggling as more "local" options are popping up that are popular.

We will continue to see more and more chains closing shop (partially or completely).

[catslayer]

Chain restaurants are struggling as more "local" options are popping up that are popular.

We will continue to see more and more chains closing shop (partially or completely).

While its rough on employees.... i mean real rough

Im ok with local restraunts and small chains being the focus, i think it helps local economy more. Definately makes for better food imho

[Playa]

Chain restaurants are struggling as more "local" options are popping up that are popular.

We will continue to see more and more chains closing shop (partially or completely).

Of those that closed, 1/2 were "local" or regional. Definitely not mom & pop's, but not national brands either

[iamntxhunter]

The restuaraunt business is a very tough business overall and most don't last more than 2 years before they close their doors.

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[Landrover]

The restuaraunt business is a very tough business overall and most don't last more than 2 years before they close their doors.

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97% failure rate nationally...........it aint for the faint at heart!