Financing

Luby's sells most of its Fuddrucker's to a franchisee

13 of the remaining 24 unit were sold to an affiliate of the contract management company Perkins Management Services.
Photograph: Shutterstock

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.

Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.

Multimedia

Exclusive Content

Financing

Despite their complaints, customers keep flocking to Chipotle

The Bottom Line: The chain continued to be a juggernaut last quarter, with strong sales and traffic growth, despite frequent social media complaints about shrinkflation or other challenges.

Operations

Hitting resistance elsewhere, ghost kitchens and virtual concepts find a happy home in family dining

Reality Check: Old-guard chains are finding the alternative operations to be persistently effective side hustles.

Financing

The Tijuana Flats bankruptcy highlights the dangers of menu miscues

The Bottom Line: The fast-casual chain’s problems following new menu debuts in 2021 and 2022 show that adding new items isn’t always the right idea.

Trending

More from our partners