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AUSTIN, Texas (Profitable.com) Magic Brands, LLC, and Fuddruckers, Inc. has announced that the Company has obtained bankruptcy court approval of the sale of substantially all of its assets to Luby’s, Inc (NYSE:LUB).
Luby’s operates 96 restaurants in Austin, Dallas, Houston, San Antonio, the Rio Grande Valley and other locations throughout Texas and other states. Luby’s provides its customers with quality home-style food, value pricing, and outstanding customer service. Luby’s Culinary Services provides food service management to 17 sites consisting of healthcare, higher education and corporate dining locations.
“The approval of the sale of Fuddruckers to Luby’s affirms our belief and confidence in the strength of the Fuddruckers brand and operations,” said Magic Brands CEO Peter Large. “The management team and advisors, along with the Official Unsecured Creditors’ Committee, worked tirelessly to obtain the highest and best value for the brands and we have done just that with the sale to Luby’s.”
The transaction is expected to close by July 26, 2010, subject to the satisfaction or waiver of other customary closing conditions.
For further information regarding the sale transaction and restructuring process, please contact the Company’s information line at 877-340-2764 or visit www.fuddruckersrestructures.com.
Based in Austin, Texas, Magic Brands, LLC currently operates 62 Fuddruckers locations in 11 states and 3 Koo Koo Roo restaurants in California. An additional 135 Fuddruckers restaurants are operated by franchisees who are small business owners and multi-unit operators. Since its founding in 1980, Fuddruckers has delivered uncompromised quality and freshness with its own brand of always fresh, never frozen, 100% All-American, premium-cut, vegetarian-fed beef. Fuddruckers 1/3, 1/2, 2/3 and one-pound Fudds Prime™ burgers are grilled to order and placed on a Fuddruckers scratch-baked bun made fresh daily in Fuddruckers restaurant bakeries — ready for guests to pile it high at Fuddruckers Market Fresh Produce bar for a Build Your Own Burger experience like none other.