Luby’s Inc. has taken another step in its liquidation process, agreeing to sell to its franchise business Fuddruckers in a deal valued at around $ 18.5 million to a company controlled by the North Carolina entrepreneur. North Nicholas Perkins.
Perkins’ Black Titan Franchise Systems had previously agreed to become a franchisee of more than a dozen company-owned Fuddruckers restaurants. The purchase of the company, announced yesterday, includes a promissory note and the assumption of certain liabilities, Luby’s said in a filing with the Securities and Exchange Commission. “There can be no assurance that Luby’s will realize or receive the full value of any such consideration,” he said on the file.