Landry's completes Joe's Crab Shack sale

Nation's Restaurant News,  Nov 27, 2006  

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HOUSTON -- Landry's Restaurants Inc. said it had completed its previously reported sale of 120 Joe's Crab Shack restaurants to JCS Holdings LLC for about $192 million, including assumed working-capital liabilities. The formerly 311-unit casual-dining company, which had indicated that its remaining 23 Joe's units were not included in the sale, said certain unspecified locations were closed into escrow pending issuances of licenses and completion of pending governmental approvals.

Landry's also said it would provide certain transition services to JCS for up to 12 months. That buying entity was created by J.H. Whitney Capital Partners LLC, a private-equity group in New Canaan, Conn.

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