- June 21, 2021
- Posted by: Stratford Team
- Category: Business
Luby’s announced Monday that it has agreed to sell Luby’s Cafeteria for $28.7 million to an affiliate of businessman Calvin Gin.
The acquisition by the Gin affiliate, which will be renamed Luby’s Restaurant Corporation after the transaction closes, includes 32 locations—all based in Texas—and ownership of the Luby’s Cafeteria brand. The transaction does not include real estate owned by Luby’s, corporate Fuddruckers stores, or the company’s Culinary Contract Service business.
Almost all employees at the 32 stores will be offered positions by Gin, which would maintain a workforce that numbers over 1,000. Gin is a member of the family that founded The Flying Food Group, the third largest airline catering company in North America. He is now the co-founder or partner in several companies such as Helios Visions, WorkPlate, and Charming Studios. Luby’s and its financial advisor ran a sales process for the Luby’s Cafeteria business,…