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Luby’s Cafeteria has agreed to sell the iconic brand for $28.7 million.
San Antonio-born comfort food staple Luby’s Inc. has agreed to sell its remaining cafeterias and its iconic brand for $28.7 million, industry publication QSR Magazine reports.
The deal encompasses all 32 Texas restaurant locations and the Luby’s Cafeteria brand. Not included are real estate owned by Luby’s, its culinary contract service business or corporate stores in the Fuddruckers burger chain — all 92 of which were sold last week to a franchisee.The buyer is an affiliate of businessman Calvin Gin, a member of the family that founded the Flying Food Group, one of North America's largest airline caterers. Gin is also co-founder or partner in other companies including Helios Visions, WorkPlate and Charming Studios, according to the QSR report.
Gin plans to offer positions to nearly everyone employed at the Luby's stores included in the deal, according to the publication.
"We are so pleased to be able to acquire the operation of these Luby's Cafeteria stores, one of the iconic brands in the Texas restaurant market,” Gin said in a statement. “This transaction will allow us to continue serving the many loyal Luby's customers at these locations and to provide long-term employment opportunities for the many associates currently at these locations.”
Luby's, now based in Houston, revealed plans last September to liquidate and sell its assets. During the height of its popularity in the '80s, the chain had more than 100 locations. That number dwindled as the company grappled with changing consumer tastes and an evolving restaurant market.
San Antonio is home to nine Luby’s locations, according to the chain’s website.
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