Jeff Crivello, the former CEO of Famous Dave’s, plans to buy ten Iron Hill Brewery & Restaurant locations, including the one in Newtown, writes Emma Dooling for the Philadelphia Business Journal.
During this week’s U.S. Bankruptcy Court hearing in New Jersey, Judge Jerrold N. Poslusny Jr. approved the sale of the regional chain’s assets and leases to Crivello as part of its ongoing Chapter 7 bankruptcy case.
Crivello will buy the assets and leases through the IH Restaurants entity for a credit bid of $12 million, payments for the liquor licenses for Delaware restaurants, and to cover the liabilities of the ten locations.
His plan is to either reopen the restaurants or convert them into new concepts.
“We’re working diligently with all the landlords to figure out how to get them reopened either as Iron Hill or as another brand as quickly as possible,” he said.
Crivello plans to acquire the Newtown location at 2920 S. Eagle Road as part of the ten-site purchase. The nine locations excluded from the deal will go to auction from Dec. 2 through Dec. 4.
Read more about Jeff Crivello’s plans for the Newtown location and the future of the shuttered Iron Hill restaurants in the Philadelphia Business Journal.
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