Houston billionaire Tillman Fertitta, owner of Landry's restaurant chain as well as several others including Joe's Crab Shack, is looking to expand his empire with the acquisition of the struggling Houlihan's chain.
The company filed for Chapter 11 bankruptcy and has accepted a $40 million dollar "stalking horse" offer from Landry's as they move through the process of selling their 47 facilities. The offer sets the lowest point for bids.
Houlihan's says they've received financial commitments that will allow them to keep their doors open while details are worked out.
In addition to his restaurants, Fertitta owns the Houston Rockets.