Casual Dining Continue to Take a Beating $IRG

Ignite Restaurant Group (see profile below) - owner of the Joe's Crab Shack and Brick House Tavern + Tap - is the latest victim of the trends befalling the casual dining segment. That said, this story is a bit more complex than that and the bankruptcy seems to be the result of a perfect storm of poor acquisitions, poor execution and hubris. Oh, and private equity once again getting the upper hand - here, Golden Gate Capital dumping the Macaroni Grill dog before it's brand value diminished even farther than it already had. Now Kelly Investment Group is looking to buy the company for a fraction of the company's secured debt. Ouch. Notably, KIG also purchased Last Call Operating Co. (owner ofChampps and Fox & Hound) out of bankruptcy last year.