The parent company that owns Joe's Crab Shack and the Brick House Tavern and Tap has announced a new CEO has been hired as they look to settle their financial issues.

According to a report on the Nation's Restaurant News, Ignite Restaurant Group Inc. has hired Jonathan Tibus as the new CEO, and also brought on financial advisor Piper Jaffray to find a potential buyer. The company said the sale could be done "as an entirety or through the separate sales of its two restaurant brands."

The company's website lists five crab shack locations including Clifton, Deptford, Eatontown, Lawrenceville and South Plainfield. The company already Joe's Crab Shack restaurants in Brick and Downtown Newark.

Brick House has locations in Neptune, Princeton, and South Plainfield.