BBQ Holdings, Inc. completed the acquisition of assets of Granite City Food & Brewery, Ltd..
March 08, 2020
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BBQ Holdings, Inc. (NasdaqGS:BBQ) won the bid to acquire assets of Granite City Food & Brewery, Ltd. (OTCPK:GCFB) for $3.7 million on February 11, 2020. In a related transaction, Landry's, Inc. won the bid to acquire Cadillac Ranch assets of Granite City Food & Brewery, Ltd. (OTCPK:GCFB) from $7.5 million on February 11, 2020. Consultation Committee declared Landry's, Inc.'s bid to be successful bid. Granite City Food & Brewery will seek bankruptcy court approval of the successful bids at a hearing on February 21, 2020. On February 24, 2020, the Bankruptcy Court for the District of Minnesota approved the sale. The transaction is anticipated to close on March 9, 2020. James M. Jorissen and Karl J. Johnson of Taft Stettinius & Hollister LLP acted as legal advisor for Granite City Food & Brewery.
BBQ Holdings, Inc. (NasdaqGS:BBQ) completed the acquisition of assets of Granite City Food & Brewery, Ltd. (OTCPK:GCFB) on March 9, 2020. The Bankruptcy Court at a hearing on February 21, 2020 approved the acquisition. The acquisition was closed with cash on hand and borrowing under its existing loan agreement with Choice Financial Group.
Granite City Food & Brewery Ltd. is a casual dining restaurant company. The Company's signature dishes include Grilled Chicken and Asparagus Linguini, Barramundi Buerre Blanc and a host of other menu items, as well as burgers, flatbreads, salads and steaks. Its main menu includes starters, slider towers, homemade soups, side salads, hand-crafted burgers, signature sandwiches, entrees, steaks and entree salads. The Company also offers various brews, which are made on-site, including The Duke (Pale Ale), The Bennie (Bock), The Northern (American Lager), Zug Zwang (Vanilla Porter), Granite City Seltzer. Its seasonal brews include Hustle and Ukulele. It also provides catering and conducts private events. The Company operates approximately 30 restaurants in 13 states.
GRANITE CITY FOOD & BREWERY, LTD. 
