Irvine-based Claim Jumper Restaurants LLC on Wednesday obtained bankruptcy court approval for its sale to Houston-based Landry’s Restaurants Inc.
The struggling restaurant chain known for its California Gold Rush theme and large food portions filed for pre-packaged Chapter 11 bankruptcy in September and agreed to sell its restaurants and operations in an auction held last month.
The auction attracted a lot of attention and more than 100 bids, according to Bloomberg LP.
The chain was auctioned off to Landry’s for $77 million, according to reports.
The auction ends a chapter for Claim Jumper, which was acquired in 2005 by Los Angeles-based private equity firm Leonard Green & Partners LP for an estimated $220 million.
It was considered the highest paid price by a private equity firm for a restaurant company.
The plan was for Leonard Green to drive an expansion outside California with some five to seven restaurant openings a year.
Progress had been slow. Claim Jumper now has about 45 restaurants—up from 35 when it was acquired—with a few beyond the West Coast, including in Wisconsin and Colorado.
The chain has an estimated $200 million in yearly sales.
