Luby’s will live on, at least for a little while longer.
The Houston-based cafeteria chain has a deal to sell the concept to Calvin Gin for $28.7 million, according to Restaurant Business. Gin is a restaurateur whose family started the airline catering company The Flying Food Group.
The sale is a combination of assumed liabilities and a seller’s note, according to the publication.
The deal will allow the chain to continue serving customers at its 32 locations. It will also provide long-term employment opportunities for restaurant workers.
Luby’s closed its location on Mockingbird Lane in June 2020 as the company searched for a buyer for its assets and brands.
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