- June 18, 2021
- Posted by: Stratford Team
- Category: Business
By Stephen Nakrosis
Luby’s Inc. on Thursday said it agreed to sell the Fuddruckers franchise business operations to Black Titan Franchise Systems LLC, which is affiliated with existing Fuddruckers franchisee Nicholas Perkins.
Mr. Perkins said, “We’re excited to be purchasing Fuddruckers and look forward to working with Fuddruckers’ many dedicated, highly capable franchisees to further build this brand.” He also said, “As a Fuddruckers franchisee, I have a vested interest in ensuring that all Fuddruckers franchisees have the resources, infrastructure, and operational and marketing support they need to maximize their return on investment.”
Luby’s said the sale is another step in a previously announced formal plan of liquidation and dissolution approved by shareholders in November of last year.
Luby’s said it’s currently anticipated that the sale could provide it with about $18.5 million of value, “most of which will be derived…