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.

The agreement with Black Titan Franchise Systems includes ownership of the Fuddruckers brand. Fuddruckers has 92 sites operating in the United States, the company said in its filing, including the 13 sites operated by Perkins.

Luby’s shareholders voted overwhelmingly in November in favor of a plan to liquidate and dissolve the company. Assets to be liquidated include Luby’s cafeterias, Fuddruckers, the company’s culinary contract services business and its real estate. The plan approved by shareholders allowed the company to move forward with its liquidation, sale of assets and distribution of profits among investors.

“We are delighted to purchase Fuddruckers and look forward to working with the many dedicated and highly skilled franchisees of Fuddruckers to further develop this brand,” Perkins said in a press release. “As a Fuddruckers franchisee, I have a vested interest in ensuring that all Fuddruckers franchisees have the resources, infrastructure and operational and marketing support they need to maximize their return on investment. “

In its file, Luby’s said it contacted more than 150 entities before accepting Perkins’ offer. In the filing, Luby’s said that after the pending transactions close, there will only be five stand-alone, company-owned Fuddruckers stores and four combined Fuddruckers / Luby’s Cafeterias stores.

Luby’s was trading around $ 3.73 at noon on Friday, near its 52-week high of $ 3.79.

This story includes Amanda Drane’s previous reports.