- June 21, 2021
- Posted by: Stratford Team
- Category: Business
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…
