The five-strong group was placed in to administration on 28 July after it struggled with a lack of working capital and ‘no prospect’ of achieving new funding.
Roger Payne, the entrepreneur behind the Camden Dining Group, has acquired the business under Rib Shack Holdings Ltd.
Chicago Rib Shack was previously based in shopping centres but branched out with a ‘neighbourhood’ format in Clapham in 2014.
The group currently operates two sites in Trinity Leeds and London’s Westfield Stratford City, as well as high street restaurants in Clapham and Aldgate.
The company’s website states its Twickenham site is currently ‘closed for refurbishment’.
"The decision to appoint administrators was taken to allow medium term trading to continue in order that the business and assets could be exposed thoroughly to the market," says Andrew Hosking, partner at corporate recovery firm Quantuma, which oversaw the deal.
“We are pleased we have been able to effect a very quick sale to Rib Shack Holdings Ltd and save 72 jobs, all without any significant disruption trading."
Chicago Rib Shack previously operated sites in Camden and Southampton’s West Quay Centre, but both have since closed.
Payne’s portfolio also includes London restaurants Shaka Zulu, Gilgamesh, and the recently opened Gabeto in Camden Market, alongside the Ginger Martini bar.