Calvin Gin entered into an agreement to acquire Luby’s Cafeteria Restaurant Operations from Luby's, Inc. (NYSE:LUB) for $28.7 million on June 20, 2021. It is currently anticipated the Fuddruckers franchise brand sale transaction could provide Luby's, Inc. with approximately $28.7 million of value (most of which will be derived from the purchaser's issuance of a note to Luby's and assumption of certain liabilities). The acquisition includes 32 of the existing locations of Luby’s restaurants, all in Texas, and ownership of the Luby’s Cafeteria brand. In connection with closing of the transaction, the company will be permitted to utilize the Luby’s name for the operation of those Luby’s Cafeteria restaurants and other business retained by the company for a limited amount of time. The purchaser will also assume the leases for seven Luby’s locations that are currently under lease. The seller will be required to pay to the purchasers within 30 days of the termination an amount equal to $0.5 million. The agreement between Luby's and the purchaser is subject to normal and customary conditions for transactions of this nature. The transaction is not subject to a financing contingency. The parties currently anticipate the transaction will close before the end of the company’s current fiscal year 2021. Jones Lang LaSalle acted as advisor to Luby’s on real estate sales. Gibson, Dunn & Crutcher LLP acted as legal advisor to The Special Committee of the Board of the company. Sidley Austin LLP acted as legal advisor to Luby’s. Winston & Strawn LLP acted as legal advisor to Calvin Gin.