Restaurant sales

Luby’s Closes Restaurant Sales, Reaches New Deal To Sell Real Estate

Luby’s signed a deal last week to sell dozens of Texas properties to an Arizona-based real estate company in a deal valued at $ 88 million.

Store Capital Acquisitions has agreed to buy up to 26 of Luby’s Texas properties and expects to close the sale on Oct. 12, according to a filing with the U.S. Securities and Exchange Commission. The properties for the sale relate to the Luby’s restaurants leased and operated by Calvin Gin, a Chicago-based restaurant entrepreneur who purchased the Luby’s brand and restaurant operations as part of a separate deal reached last month.

The developments are the latest in Luby’s ongoing liquidation effort, which came after shareholders voted overwhelmingly last year in favor of a plan to dissolve the company, allowing the company to sell shares. assets and distribute the proceeds among investors.

The deal with Gin, which closed on August 26, has become even sweeter for Luby fans, who once feared the cafeteria chain would disappear, according to the filing. He purchased three more locations than originally planned, bringing together 35 Luby, Texas locations under his new company, Luby’s Restaurant Corp. He also agreed to manage Luby’s remaining 18 locations in Texas, including seven in greater Houston, although the record does not offer further details on this arrangement.

None of the company’s executives could be reached for comment on Tuesday.

Luby’s disbandment also saw a separate sale of the Fuddruckers brand to a North Carolina-based franchisee last month.

Meanwhile, Luby’s Inc. continues to market its remaining real estate and culinary contract services business, which provides catering services to hospitals, colleges and universities, as well as corporate campuses. The company’s shares rose nearly 5 percent at noon on Tuesday.

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