Claim Jumper Restaurants, LLC announced Wednesday that it has obtained bankruptcy court approval of the sale of substantially all of its assets to Landry's Restaurants Inc.
Claim Jumper, best know for its western themed restaurants with large food portions, filed for bankruptcy in September. The chain was auctioned off to Landry's, a Houston-based seafood chain, in October.
Landry's will pay $48.3 million in cash and take on nearly $23.3 million of Claim Jumper's debt, according to Bloomberg.com.
The transaction is expected to close on a date mutually agreeable to the company and Landry's, subject to the satisfaction or waiver of customary closing conditions.
Claim Jumper Restaurants, which opened its first location in Los Alamitos in 1977, operates 45 eateries throughout the West Coast and parts of the Midwest.
