Luby s signs agreement to franchise 13 Fuddruckers stores
FacebookTwitterEmail
Fuddruckers, a fast-casual restaurant chain, specializes in hamburgers.Yelp
Houston-based Luby s, Inc. on Wednesday announced that it will franchise 13 of its Fuddruckers stores, including several locations in Houston.
Luby s, Inc. has entered into an agreement with Black Titan Holdings, LLC, an affiliate of food service entrepreneur and president of Black Titan Investment Corporation, Nicholas M. Perkins.
The transaction is expected to close within 90 days, making Black Titan Holdings one of the largest Fuddruckers franchisees in the United States.
Specific terms of the transaction were not disclosed but it is not subject to a financing contingency, according to the release.
Luby s divests package of company-owned Fuddruckers houstonchronicle.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from houstonchronicle.com Daily Mail and Mail on Sunday newspapers.
Share this article
Share this article
HOUSTON, Dec. 16, 2020 /PRNewswire/ Luby s, Inc. ( Luby s or the Company ) (NYSE: LUB), today announced that the Company has entered into an agreement to franchise 13 of its currently Company owned Fuddruckers stores to Black Titan Holdings, LLC, an affiliate of successful food service entrepreneur Nicholas M. Perkins. Specific terms of the transaction were not disclosed.
Pursuant to the transaction, Black Titan Holdings, LLC will purchase the assets of the Company at the 13 locations listed below and become one of the largest Fuddruckers franchisees in the United States. It is currently anticipated that, following the closing of the transaction, almost all employees will be offered positions to remain at those store locations. It is not expected that there will be any disruption of business at these locations as a result of the transaction.
Luby : Christmas Holiday Offerings | MarketScreener marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
“The company intends to attempt to convert all of its assets into cash, satisfy or resolve its remaining liabilities and obligations, including contingent liabilities and claims and costs associated with the liquidation of the company, and then file a certificate of dissolution,” Luby’s said Wednesday
Assets to be sold include the operating divisions Luby’s Cafeterias, Fuddruckers and the company’s Culinary Contract Services business as well as the company’s real estate, the company said.
As of Nov. 24, Luby’s operated 84 restaurants, including five side-by-side Fuddruckers-Luby’s “combo” locations. Of the 79 real estate parcels, 47 are company-owned and 32 are leased.