Just-announced $28.7 million sale keeps Luby's in Houston and Texas

[DFWRetaileWatcher]

Just-announced $28.7 million sale keeps Luby's in Houston and Texas

A new deal will keep Houstonians eating square fish and mac and cheese for the foreseeable future. Luby's announced that it has sold its cafeteria restaurant business to a new corporation founded by entrepreneur Calvin Gin.

Selling its cafeteria business is the latest step in the process of liquidation and dissolution that the company's board of directors adopted last year. Valued at approximately $28.7 million, the deal includes 32 locations of Luby's in Texas and the Luby's brand, according to a release. Last week, the company announced it had sold the Fuddruckers brand to a franchisee for $18.5 million.

The new entity, called Luby's Restaurants Corporation, plans to offer positions to the roughly 1,000 people currently employed at those locations, which includes 10 restaurants in Houston as well as locations in Conroe, Kingwood, Stafford, and Webster.

[storewanderer]

I see Fuddruckers was sold to a franchisee, also Fuddruckers is completely out of SoCal but a few franchise locations remain in NorCal.