Magic Brands Receives Court Approval of Sale of Assets to Luby’s, Inc.
Magic Brands, LLC, and Fuddruckers, Inc. announced today that the Company has obtained bankruptcy court approval of the sale of substantially all of its assets to Luby’s, Inc (NYSE:LUB).
“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.”
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.
