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Written by Kelley Crooks
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Friday, 02 July 2010 15:29 |
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HOUSTON, June 25 /PRNewswire-FirstCall/ -- Luby's, Inc. announced that the US Bankruptcy Court for Delaware approved the sale of Fuddruckers, Inc., Magic Brands, LLC and certain of their affiliates (collectively, "Fuddruckers") to Luby's, Inc. for approximately $61 million in cash. Luby's, Inc. will also assume certain of Fuddruckers' obligations, real estate leases and contracts. "We were pleased to win the auction. Fuddruckers will be an excellent addition to our restaurant family. After closing this acquisition, we will focus on existing and newly acquired unit level performance, establishing effective Fuddruckers franchise community relationships, and our expansion plans for our brands," said Christopher J. Pappas, President and Chief Executive Officer of Luby's, Inc. Fuddruckers currently operates 62 Fuddruckers locations and 3 Koo-Koo-Roo locations, and franchisees currently operate an additional 135 Fuddruckers locations.
As your Club President, I will do my best to keep you apprised of the Fuddruckers situation. I was assured a week or so ago that no changes are expected to our Gamewatches. Will keep you posted!!
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