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Texas based in Luby's Inc. has completed another crucial step on Monday in itsliquidation plans, Securing the transfer of a number of restaurants from Luby cafeteria to Chicago entrepreneur Calvin Gin. The sale, which includes 32 Texas locations and a total property of the Luby Cafeteria brand, is a happy end for the family catering chainwhose future is suspended in the balance for months.

The sale, which is estimated at $ 28.7 million, should end at the end of June, according toRestaurant Business. Under the terms of the agreement, Luby's will retain the property of its restoration building, for sale in a third party that will rent it to the new owner. Gin also indicated that it would reduce almost all 32 restaurants of 1,000 employees. He reflected the agreement in a recentdeclaration, expressing his satisfaction with his terms and excitements to acquire "one of the emblematic brands of the Texas restaurant market".

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This is the second major sale announced by Luby's in less than a week. Last Friday, the catering company revealed that she had foundA buyer for his beloved fuddruckers brand-Black Titan Franchise Systems, an affiliated company of one of its greatest franchisees. This sale, valued at a little less than $ 20 million, is also planned for a June closure.

Luby's is in financial difficulty since 2019 and initiallyAnnounced planned to liquidate in September of 2020, estimating a total return of some $ 92 to $ 123 million. Following the sale of Fuddruckers and agreements with GIN, the parent company should be of course its goal to achieve this goal.

GIN was chosen by LUBY among more than 235 other potential buyers and is currently a member of the Board of Directors in a number of large technology companies, including Helios visions, work plates and charming studios. In addition to technology, it is also background in the restaurant industry, with close links to the flying catering group, a North American airline catering business.

Luby's, for their part, appeared contained with the agreement. "I could not be better than seeing Calvin Gin, as well as many existing management teams, able to carry out the beautiful tradition of the Food Food and Service Trademark in Texas, which dates back to 1947", Declared President of Luby Gerald Body in a press release.

When everything is said and done on June 30, Lubby's Inc. will always have five of his fuddruckers belonging to a company and four co-marked locations with cafeterias of Luby. More importantly, it will have peace of mind that its flagship brand is in good hands.

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