Houlihan's files for bankruptcy

HRI Holding Corp., the operator of restaurant chain Houlihan's Restaurants Inc., on Thursday filed for Chapter 11 bankruptcy.

Through the proceedings, Houlihan's executed an asset purchase agreement with Landry's. The deal sets Landry's up as the stalking horse bid for an auction of the restaurant chain.

"We expect the process to be seamless for our guests, team members and vendors and look forward to continuing to provide our guests with the same great experience they expect when they dine with us," Houlihan's Restaurants Inc. CEO Mike Archer said. "Our brands continue to outperform competitors in sales and traffic and our profitability is improving across the company. This transaction provides us the opportunity to advance these successes and focus on our growth going forward."

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