“In connection with these proceedings, Ignite has sought court approval of a sale procedure that is expected to result in the sale of substantially all of Ignite’s business assets,” the documents reveal. “This sale procedure will result in the termination of employment of all of Ignite’s employees.”
>>RELATED: The owners of Joe’s Crab Shack just filed for bankruptcy
Ignite announced June 6 that it would reorganize under Chapter 11 in advance of an acquisition by KRG Acquisitions Co., an affiliate of Kelly Cos., a San Diego-based private-equity firm.
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