Net proceeds from transactions will benefit Luby's stockholders. This decision was influenced in part by circumstances surrounding the COVID-19 pandemic. On June 3, 2020, Luby's Board of Directors announced plans to sell all its operating divisions and assets, including real estate assets. During 2011, there were controversies with previous franchise owners regarding the use of the Fuddruckers brand name. Luby's acquisition of Fuddruckers and Koo Koo Roo was finalized in 2010. A second estimate was that the sale amount was for $63.45 million. On June 18, 2010, Tavistock was outbid by Luby's for Fuddruckers' assets at auction, with a $61 million winning bid. On the same day, the firm announced that 24 Fuddruckers restaurants would be closed, several of them in the metro Washington, D.C. It originally planned to sell most of its assets, including Fuddruckers and the Koo Koo Roo brand eateries, to the Tavistock Group for $40 million. On April 22, 2010, the parent of Fuddruckers, Austin-based Magic Brands LLC, announced plans to file for Chapter 11 bankruptcy protection. The 2008 financial crisis hit the restaurant industry hard, including Fuddruckers. One of three Fuddruckers in Colorado that closed in 2010 Bankruptcy and ownership changes As of 2018, the restaurant has been closed. In August 2014, Fuddruckers opened the first of its new stores called Fuddruckers Deluxe in Newport News, Virginia, a full-service sit down restaurant serving traditional and new menu items, with a wait staff, full bar and multiple TVs, although it does not offer different size burgers or a "produce and fixings bar" like its traditional restaurants. Fuddruckers management had been concerned that the presence of armed patrons might deter unarmed ones from visiting, but the move caused controversy among pro-gun advocates who threatened to retaliate with boycotts of Fuddruckers restaurants. states allow people to carry guns visibly in public. The restaurant sometimes made controversial decisions for example, in 2010 it began enforcing a no-weapons policy, which insisted that patrons should not carry "visible pistols" unless they were security officials. In an interview, Romano stated that "I just felt I had done all I could for the concept." įuddruckers was purchased in November 1998 by Michael Cannon, and later it was purchased by Magic Brands. Romano left the chain in 1988 to form Romano's Macaroni Grill. By 1988, there were 150 restaurants in the chain. He started the chain because he thought that "the world needed a better hamburger." The Fuddruckers concept was to offer large hamburgers in which the meat was ground on-site and buns were baked on the premises and hamburgers and other dishes were offered with "lots of fresh sliced tomatoes, onions, lettuce and vats of cheese sauce." In California, Fuddruckers competed at the high end of the fast-food market against chains such as Flakey Jake's, sometimes with head-to-head competitions in places such as Northridge, California. Romano in San Antonio, Texas, at a location converted from an old bank to a restaurant. Still seen on some locations Founding and growth įuddruckers was founded as Freddie Fuddruckers in 1979 by Philip J. History The headquarters of Luby's, former parent company of Fuddruckers Logo used until 2018. On June 21, 2021, Black Titan Franchise Systems announced a deal to acquire Fuddruckers for $18.5 million. announced they plan to liquidate existing assets, including Fuddruckers' assets, distributing the proceeds to investors after the proposed sale of the chains. On September 8, 2020, Fuddruckers owner Luby's, Inc. The company headquarters is in Houston, Texas. As of 2019, Fuddruckers had 49 company-operated restaurants and 107 franchises across the United States and around the world. The Fuddruckers concept is to offer large hamburgers in which the meat is ground on-site and buns are baked on the premises. 1 Saugus, Massachusetts - 2001įuddruckers (sometimes abbreviated Fudds ) is an American fast casual, franchised restaurant chain that specializes in hamburgers. Burgers, chicken sandwiches, french fries, soft drinks, milkshakesįuddruckers Restaurant, Rt.
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