Luby’s Inc. to buy Fuddruckers' assets for $61 million

SAN ANTONIO (San Antonio Express-News) – Luby’s Inc. is purchasing all of Fuddruckers’ assets — as well as Fuddruckers parent, Magic Brands LLC — for $61 million.

Houston-based Luby’s and Austin-based Fuddruckers were founded in the Alamo City in 1947 and 1980, respectively.

Magic Brands LLC filed for bankruptcy on April 21 and operates 62 Fuddruckers locations in 11 states. An additional 135 restaurants are operated by franchisees.

The transaction is scheduled to close on or before July 9.