From Los Angeles Business Journal · Zhiyu Luo · · 1m
GEN Sells 47 Locations to Chubby
Korean BBQ chain GEN sells 47 restaurants to Chubby for $100 million to focus on packaged goods.
In brief
Korean BBQ chain GEN sells 47 restaurants to Chubby for $100 million to focus on packaged goods. GEN Restaurant Group sold 47 locations to Chubby Cattle Group for $100 million to expand consumer packaged goods. Originally reported by Los Angeles Business Journal.
GEN Sells 47 Locations
Korean barbecue chain GEN Restaurant Group Inc. agreed to sell 47 restaurant operations to Chubby Cattle Group for $100 million.
Focus on Packaged Goods
GEN will shift focus to consumer packaged goods after selling 47 locations to Chubby.
Chubby Funds Conversions
Chubby will fund restaurant conversions and buildouts while GEN retains operating profit until each takeover.
47 Locations Sold
GEN sold four development sites to Chubby, retaining three locations for staff, research and development.
Brand License and Equity
GEN received a $1.5 billion equity note and Chubby got a perpetual license to use the GEN brand.
Market Expansion Plans
GEN aims to reach 100 restaurants and a million members by 2026 through retail partnerships.
The takeaway
GEN Restaurant Group sold 47 locations to Chubby Cattle Group for $100 million to expand consumer packaged goods.
