The Quaker Steak & Lube casual-dining concept has agreed to be acquired by the TravelCenters of America truck-stop chain for $25 million after filing Monday for Chapter 11 bankruptcy protection.
TravelCenters said it will convert some of the restaurants at its roadside facilities into Quaker Steaks, which specialize in chicken wings. Quaker Steak currently has 50 locations, most of them franchised.
The restaurants are concentrated in Pennsylvania and Ohio. TravelCenters operates in 43 states.
TravelCenters said it would also continue to franchise Quaker Steak and open free-standing company-run restaurants.
"Quaker Steak & Lube's unique brand and award winning menu is a great fit for TA's primary customers—professional truck drivers and highway motorists," said TravelCenters CEO Tom O'Brien, using the abbreviation for his company. "We are confident that our existing food services operations will provide TA the tools it needs to make Quaker Steak & Lube® a nationally recognized restaurant brand.”
Quaker Steak is privately held. Its current owners were not revealed in the announcement of the deal.
Travel Centers said it has already made a deposit on the purchase. However, the deal is still subject to approval of the bankruptcy court, which is expected to hold an auction as part of bankruptcy process.