An entity led by former Famous Dave’s CEO Jeff Crivello has received court approval to acquire the assets and leases for 10 closed Iron Hill Brewery and Restaurant locations, including the one in Newtown Township.
The acquisition earlier this month follows the Chapter 7 liquidation bankruptcy filing by the brewpub chain’s corporate entity in October, which came after the company abruptly closed all its remaining restaurants across five states on Sept. 25.
U.S. Bankruptcy Court in New Jersey approved the sale of the assets and leases to IH Restaurants LLC, an entity led by Crivello, for a $12 million credit bid.
The Newtown Township location, which opened at the Village at Newtown in June 2020 amid the COVID-19 pandemic, was among the 16 restaurants shuttered.
Court documents related to the bankruptcy filing for Iron Hill Brewery of Newtown LLC show the local entity owed over $400,000 to various creditors, including the shopping center owner, Brixmor/Newtown Village.
Across all filings, the Iron Hill corporate entity reported amassing debt of more than $20 million.
Crivello, who also leads Ciao Hospitality, has indicated that the group is “working diligently with all the landlords” to determine how to reopen the restaurants “as quickly as possible.”
The locations may either return under the Iron Hill brand or be converted into new restaurant concepts.
Breweries In PA reported last week that the new owner is “determining the best path forward” for the location.
Three other locations – one in Delaware and two in South Carolina – that are part of the deal are expected to reopen as locations of Three Notch’d Brewing.
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