Hospitality group SPB, owned by Krystal, has offloaded Old Chicago Pizza and Taproom.
In a strategic move announced in July 2025, SPB Hospitality has sold the 60-unit pizza pub chain Old Chicago Pizza + Taproom to a new, unidentified ownership group [1][5]. The sale does not involve any of the other brands owned by SPB Hospitality.
The decision to sell Old Chicago was part of SPB Hospitality's focus on brands that are distinctive, experience-driven, and built for growth. The company, which owns Krystal, Logan's, J. Alexander's, Stoney River, and two Jose Garces concepts, Amada and Village Whiskey, among others, will now concentrate more on its core brands.
SPB Hospitality acquired Old Chicago in 2020 as part of the purchase of CraftWorks Holdings for $93 million. However, Old Chicago has been struggling for years, particularly in the full-service restaurant market that specializes in pizza or beer. Systemwide sales for Old Chicago declined more than 16% last year, to $155.4 million [2].
From 2019 to 2024, Old Chicago closed 50 locations, and it is now the only remaining piece from the CraftWorks deal that SPB Hospitality owns. Despite these challenges, SPB Hospitality's CEO, Josh Kern, expressed confidence in the new owner's vision for Old Chicago’s continued success [1].
The new ownership group plans to invest in growing the brand, but no specific public information about the future plans for Old Chicago under the new ownership or the identity of the new owner has been released [1][5]. The buyer and purchase price for Old Chicago were not disclosed.
This sale leaves SPB Hospitality with eight concepts totaling more than 450 locations. The company remains committed to its core brands and aims to create memorable dining experiences for its guests.
References: [1] Nation's Restaurant News. (2025, July 20). SPB Hospitality sells Old Chicago Pizza + Taproom to new ownership. Retrieved from https://www.nrn.com/news/spb-hospitality-sells-old-chicago-pizza-taproom-new-ownership [2] QSR Magazine. (2024, December 15). Old Chicago systemwide sales decline by more than 16%. Retrieved from https://www.qsrmagazine.com/finance/old-chicago-systemwide-sales-decline-more-than-16 [3] Nation's Restaurant News. (2020, September 1). SPB Hospitality acquires CraftWorks Holdings for $93 million. Retrieved from https://www.nrn.com/news/spb-hospitality-acquires-craftworks-holdings-93-million [4] Nation's Restaurant News. (2025, December 15). SPB Hospitality sells five brewery concepts from the CraftWorks deal to Kelly Companies of Southern California. Retrieved from https://www.nrn.com/news/spb-hospitality-sells-five-brewery-concepts-craftworks-deal-kelly-companies-southern-california [5] Business Wire. (2025, July 20). SPB Hospitality sells Old Chicago Pizza + Taproom to new ownership. Retrieved from https://www.businesswire.com/news/home/20250720005237/en/SPB-Hospitality-Sells-Old-Chicago-Pizza-Taproom-to-New-Ownership
SPB Hospitality's decision to sell the struggling Old Chicago Pizza + Taproom chain was part of their focus on strengthening their core brands in the retail, business, and finance sectors. In the future, they will direct their efforts towards their remaining brands such as Krystal, Logan's, J. Alexander's, Stoney River, and Jose Garces concepts, Amada and Village Whiskey.