DevelopmentDuring the third quarter of 2013, the Company opened four Joe’s Crab Shack restaurants – in Harlem, NY, Brick, NJ, Newark, NJ and Westbury, NY. Two Joe’s Crab Shack restaurants were closed during the quarter, with one to be converted to a Brick House Tavern + Tap and four Macaroni Grill restaurants were closed, with two to be converted to Brick House Tavern + Tap restaurants. Subsequent to the end of the third quarter, two Brick House Tavern + Tap restaurants were opened in Houston, TX (a conversion from a Joe’s Crab Shack) and San Antonio, TX (a conversion from a Macaroni Grill). Additionally, three Macaroni Grill restaurants were closed after the end of the third quarter that were each at the end of their lease term. As of November 5, 2013, the Company has opened 12 restaurants in fiscal 2013. For the remainder of the fiscal year, we expect to open as many as two more restaurants, including one new Brick House and one Brick House converted from a Macaroni Grill.
Ignite Restaurant Group Reports Third Quarter 2013 Financial Results
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