Luby's Inc. said Friday it will buy most of the assets of burger chain Fuddruckers Inc., its parent Magic Brands LLC and their affiliates for about $61 million in cash.
The Houston-based cafeteria chain also will assume some of Fuddruckers' obligations, real-estate leases and contracts. It will pay $2.45 million more in cash if it doesn't assume some contracts.
Luby's, which has 96 restaurants, bought the assets in an auction Thursday.
Fuddruckers filed for Chapter 11 bankruptcy protection in April, saying that would ease the company's sale to private-equity firm Tavistock Group for $40 million.
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