Mergers & Acquisitions ·
GEN Restaurant Group signs binding LOI to sell 47 restaurants to Chubby Group for up to $100M
GENKGEN Restaurant Group, Inc.
GEN Restaurant Group announced a binding letter of intent with Chubby Group to sell its operations at 47 U.S. GEN Korean BBQ restaurants in a transaction valued at up to $100 million. The deal allows GEN to retain full ownership of its CPG business and its flagship restaurant, while transitioning the sold locations over four phases within 12 months. Concurrently, the company reported third-quarter revenue of $48.7 million, down 3.3% year-over-year, with a net loss of $5.5 million ($0.16 per share). CPG revenue reached $4.7 million as retail distribution expanded to over 2,000 doors nationwide. GEN Restaurant Group operates in the consumer-packaged goods and restaurant industry.