HRI Holding Corp., parent company of casual dining chain Houlihan’s, filed for filed for Chapter 11 bankruptcy protection on Nov. 14 and accepted a stalking horse bid from Landry’s, the parent company of Joe’s Crab Shack, Rainforest Cafe and Morton’s steakhouses, among others. Landry’s has offered $40 million for the Houlihan’s business and to assume certain liabilities.

Leawood, KS-based Houlihan’s, founded in 1972, includes operates 47 restaurants in 14 states. That includes 34 Houlihan’s units, six J. Gilbert’s restaurants, three Bristol Seafood Grill restaurants and three Devon Seafood Grill locations and Make Room for Truman, a new concept.

The Chapter 11 filing does not include independently owned franchised restaurants. Houlihan’s, which employs about 3,450 people, expects to keep its restaurants open during the bankruptcy restructuring.

Houston-based Landry’s, owned by billionaire Tilman Fertitta, operates more than 600 restaurants under several dozen brands. Fertitta has been snapping up a number of restaurant brands in distress, including Del Frisco’s and Restaurants Unlimited.