Claim Jumper Completes Asset Sale Auction

IRVINE, Calif.--(BUSINESS WIRE)--Claim Jumper Restaurants, LLC (the “Company”) announced today that Landry’s Restaurants, Inc. has been selected as the highest and best bidder in a competitive auction held October 28, 2010 for substantially all of its assets. Landry’s final bid has been valued by the Company and the Official Committee of Unsecured Creditors at $76.6 million. The proposed sale to Landry’s is expected to be approved by the Bankruptcy Court in Wilmington, Delaware on November 2, 2010. The transaction is expected to close on a date mutually agreeable to the Company and Landry’s, subject to satisfaction or waiver of customary closing conditions.

Piper Jaffray & Co. serves as exclusive financial advisor and Milbank, Tweed, Hadley & McCoy serves as lead counsel to Claim Jumper in its sale process.

About Claim Jumper

Inspired by California’s Gold Rush history, Claim Jumper Restaurants opened its first location in Los Alamitos, Calif. in 1977. Today, the casual dining concept is an established family favorite, operating 45 restaurants throughout the West Coast and parts of the Midwest. With a modern twist on traditional American cuisine and a full-service saloon, the chain’s extensive menu offers a wide variety of food and beverage choices using only the finest, freshest ingredients available. Claim Jumper Restaurants accept reservations and are open daily for lunch and dinner. For more information please visit www.claimjumper.com.