Landry’s Purchases McCormick & Schmick’s For $131.6 MillionNovember 8, 2011
Houston-based restaurant group Landry’s Inc. has purchased McCormick & Schmick’s Seafood Restaurants for approximately $131.6 million. The deal follows Landry’s original offer of $137.3 million, which was rejected by the seafood chain in May. McCormick & Schmick’s currently operates a total of 92 restaurants, with 85 locations in the U.S. and seven in Canada under The Boathouse brand.
For the third quarter ended September 28, McCormick & Schmick’s reported a 4.2% decrease in revenue to $81.4 million, as comparable restaurant sales slipped 1%. McCormick & Schmick’s joins a Landry’s restaurant portfolio that includes the Rainforest Café, Bubba Gump Shrimp Co., Claim Jumper and Landry’s Seafood brands, among others.
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