Fuddruckers announces development agreement with Grupo Chars
Mar 13, 2015
Lubys, Inc. (NYSE:LUB) Updated based on the most recent released information, Fuddruckers announces development agreement with Grupo Chars. Lubys brand Fuddruckers has finalized a new development agreement that will extend the restaurant groups base in South America. A partnership with Grupo Chars calls for an initial opening in the capital of Bogota.
Lubys, Inc. (NYSE:LUB) has witnessed a steep cut of 1.4% or 0.08 points in its share price. The shares closed at $5.62, near the intraday low of $5.54 amid a volume of 14,652 shares. The trading session commenced with the first trade recorded at $5.65 and the shares hit a high of $5.68 before selling pressure mounted. The previous close of the share price was $5.7. The 52-week high of the share price is $6.91 and the 52-week low is $4.37. Lubys, Inc. (NYSE:LUB) has a market cap of $160 million with around 28,535,000 shares in public circulation.
Luby’s, Inc. (NYSE: LUB) operates restaurants under the brands Luby’s Cafeteria, Fuddruckers and Cheeseburger in Paradise and provides food service management through its Luby’s Culinary Contract Services business segment. The company-owned restaurants include 95 Luby’s Cafeterias, 72 Fuddruckers restaurants, 8 Cheeseburger in Paradise full service restaurants and bars and one Bob Luby’s Seafood Grill. Its 95 Luby’s Cafeterias are located primarily in Texas. In addition to the 72 company-operated Fuddruckers locations, Luby’s is the franchisor for 108 Fuddruckers franchise locations across the United States (including Puerto Rico), Canada, Mexico, Italy, the Dominican Republic, Panama, and Chile. Additionally, a licensee operates 31 restaurants with the exclusive right to use the Fuddruckers proprietary marks, trade dress, and system in certain countries in the Middle East. The Company does not receive revenue or royalties from these restaurants. Luby’s Culinary Contract Services provides food service management to 25 sites consisting of healthcare, higher education and corporate dining locations.
About Fuddruckers: America’s “World’s Greatest Hamburgers” was founded as Freddie Fuddruckers in 1980 by Philip J. Romano in San Antonio Texas. He started the chain because he believed the “world needed a better hamburger.” Now Fuddruckers is coming to the world and we are seeking area licensees in selected countries. Fuddruckers offers large hamburgers in which the meat is ground fresh on-site and buns are baked on the premises. Our hamburgers and other dishes are offered with “lots of fresh sliced tomatoes, onions, lettuce and vats of cheese sauce.” Our customers top their own burgers with fresh produce and condiments.
Source: Markets Bureau and Luby’s, Inc.
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