AUSTIN (Talk1370.com) -- Luby's might be sticking around a little bit longer.
Luby's Inc., the Houston-based cafeteria chain famous for square fish, chicken fried steak, and countless Sunday dinners, announced Monday it has reached an agreement to sell dozens of its locations across the state as well as the Luby's Cafeteria brand.
A new business venture formed by Calvin Gin will purchase 32 of the chain's Texas restaurants as well as the brand assets, for an estimated $28.7 million. The deal does not include any of the company's real estate assets, or any of the company's Fuddruckers or catering operations. The new company will be renamed Luby's Restaurants Corp. when the deal closes.
Gin is a member of the storied Gin Family, who established The Flying Food Group, which has grown to the third largest airline catering company in North America.
Luby's traces its roots to San Antonio, founded in 1947 by Bob Luby. The chain announced in June 2020 that it was looking to sell its restaurants and liquidate its assets.
The following DFW locations are a part of this agreement.
Dallas – South Hampton
De Soto – North Beckley
Ft. Worth – Forest Hill
According to a Luby's release, the 32 locations employ more than 1,000 associates, "almost all" of which are expected to be offered positions by the new company.
"We are so pleased to be able to acquire the operation of these Luby’s Cafeteria stores, one of the iconic brands in the Texas restaurant market," Gin said in a release. "This transaction will allow us to continue serving the many loyal Luby’s customers at these locations and to provide long-term employment opportunities for the many associates currently at these locations."
The company says its efforts to sell another 25 locations continue.