LUB - Luby's sells off its cafeteria restaurant business to Calvin Gin affiliate

Luby's ([[LUB]] +2.4%) signs agreement to sell its Luby's Cafeteria restaurant business to a newly formed affiliate of Calvin Gin. In return, Luby's is expected to realise $28.7M of value, taking in the amount to be derived from the purchaser's assumption of its liabilities and purchaser's issuance of notes.The sale will include the will include 32 of the existing locations of Luby's restaurants, all in Texas, and ownership of the Luby's Cafeteria brand.The move comes as a part of company's liquidation and dissolution plan, as previously approved on Nov 17, 2020. It follows Luby's announcement to sell Fuddruckers franchise business to Nicholas Perkins affiliate.Further, Luby's says it is actively seeking buyers for its Luby's Culinary Contract Services business segment.The sale transaction of Luby's Cafeteria is expected to close before the end of the company's current fiscal year.Press Release

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Luby's sells off its cafeteria restaurant business to Calvin Gin affiliate