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.
