Luby’s is selling 13 of its 24 remaining Fuddrucker’s fast-casual burger restaurants for an undisclosed amount to a company owned by the principal of a Washington, D.C.-based foodservice contract management company, Perkins Management Services.
The buyer, Black Titan Holdings, will operate the units as a franchisee, according to Luby’s.
The sale is expected to close in 90 days, the seller said. Other details of the deal were not disclosed.
The refranchising is part of Luby’s plan to liquidate assets and distribute the proceeds to shareholders. The company said when it announced the sell-off that it expects to generate between $93 million and $128 million. Its holdings also include the Luby’s cafeteria chain and a foodservice management company.
Black Titan Holdings is controlled by Nicholas Perkins, CEO of Perkins Management, which operates feeding facilities within colleges, office buildings and healthcare operations.
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