By Chris Wack
Luby's Inc. said it is selling its Luby's Cafeteria restaurant business to a newly formed affiliate of Calvin Gin.
The purchase by the Gin affiliate, to be renamed Luby's Restaurants Corp. following closing of the transaction, will include 32 of the existing locations of Luby's restaurants, all in Texas, and ownership of the Luby's Cafeteria brand.
The acquisition of the Luby's cafeterias business doesn't include any of the real estate owned by Luby's, nor does it include any of the company's Fuddruckers operations or culinary contract service business.
Luby's said the structure of the transaction will allow it to sell real estate related to its cafeteria restaurant business to third parties and realize the related value for its shareholders. It is currently anticipated, following the closing of the transaction, that almost all employees at the 32 involved locations will be offered positions by the purchaser to remain at those store locations, it said.
The company said that it believes the Luby's Cafeteria operations sale transaction could provide it with $28.7 million of value.
Luby's said the sale of the Luby's Cafeteria operations is another step in the execution of the previously announced plan to sell its assets, pay its liabilities and return the remaining cash to shareholders. Luby's is actively engaged in attempting to monetize the real estate it owns that is related to its cafeteria restaurant business.
Luby's said Thursday it is selling its Fuddruckers franchise business operations to Black Titan Franchise Systems LLC, which is affiliated with existing Fuddruckers franchisee Nicholas Perkins.
Write to Chris Wack at chris.wack@wsj.com
"selling" - Google News
June 21, 2021 at 08:22PM
https://ift.tt/35GIrNF
Luby's Selling Luby's Cafeteria Business to Calvin Gin Affiliate - MarketWatch
"selling" - Google News
https://ift.tt/2QuLHow
https://ift.tt/2VYfp89
Bagikan Berita Ini
0 Response to "Luby's Selling Luby's Cafeteria Business to Calvin Gin Affiliate - MarketWatch"
Post a Comment