The troubled guardian firm of Granite Metropolis Meals & Brewery, which has three areas in metro Detroit, is being acquired by the proprietor of Well-known Dave’s BBQ.
Minnesota-based BBQ Holdings Inc. (NASDAQ: BBQ) has entered an settlement to buy the property of Minnesota-based Granite Metropolis Meals & Brewery Ltd., in accordance with a Thursday information launch.
Phrases of the deal weren’t disclosed.
The tentative deal comes two months after Granite Metropolis Meals & Brewery filed for Chapter 11 bankruptcy safety. The operator of bar and grills across the nation had been vexed by fast-casual competitors and compelled to shut greater than a half-dozen areas.
Granite Metropolis eating places contained in the Renaissance Middle in Detroit, on Huge Beaver Highway in Troy and on Haggerty Highway in Novi have remained open by means of the chapter course of. It additionally lately opened new ideas in Oklahoma Metropolis, Utah and Minnesota, the discharge mentioned.
“As an award-winning idea, Granite Metropolis is a incredible addition to the BBQ Holdings household, and we sit up for the synergies we will create between a number of manufacturers,” BBQ Holdings CEO Jeff Crivello mentioned within the launch.
BBQ Holdings consists of three manufacturers — Well-known Dave’s, Clark Crew BBQ and Actual Well-known BBQ — and 126 areas in 33 states, together with 31 corporate- and 94 franchise-owned.
It reported whole income of $23.7 million within the third quarter of 2019, up 68.three p.c from the identical time final 12 months. Its revenue for the interval was $17,000, down from $1.four million the earlier 12 months.