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Debt Management Law News

June 19,2010

Luby's to acquire Fuddruckers assets

Houston-based Luby's announced on Friday it will acquire most assets of the Fuddruckers hamburger chain for about $61 million. Fuddruckers, owned by Magic Brands, filed for Chapter 11 bankruptcy protection in April.

Austin-based Magic Brands operates 60 Fuddruckers restaurants and has an additional 138 franchise locations nationally. There are 16 Fuddruckers in the Houston area and four in San Antonio, according to the company's web site.

Known for freshly made hamburgers that include buns baked on site, the restaurant was founded by Phil Romano in San Antonio about 30 years ago. Romano left Fuddruckers to open Romano's Macaroni Grill in 1988.

Luby's will assume some of Fuddruckers' obligations, real estate leases and contracts.

The deal must be approved by U.S. Bankruptcy Court in Delaware and is expected to close on or before July 9.

Houston-based Luby's operates 96 restaurants in Texas and other states; and also has a culinary service division.

www.chron.com

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