The Crabcake Factory at 120th Street in Ocean City will head to auction this month after the business declared bankruptcy back in the fall, having owed thousands to various groups, the Salisbury (Md.) Daily Times reported. Bidders will have until May 19 to place bids on the restaurant's "furniture, fixtures, equipment, royalties and tangible and intangible assets," according to Alex Cooper Auctioneers, organizer of the auction. The opening bid for the restaurant is currently set at $325,000. Interested parties will be able to purchase tangible assets like Crabcake Factory's t-shirts, hats and memorabilia, as well as dining and kitchen equipment, according to the auction company. The restaurant is putting its royalties on the auction block as well, which were valued at about $62,769 in 2019 and $51,580 last year, according to the auction company. Crabcake Factory will also auction off its liquor license, business name, website domain and customer list.
