GEN Restaurant Group to Sell Operating Rights for 47 Locations to Chubby Group for $100 Million
GENK GEN Restaurant Group Inc
$1.45 -8.23%
View chart & analysis → - 1GEN Restaurant Group has signed a binding letter of intent to sell the operating rights of 47 U.S. restaurants to Chubby Group.
- 2GEN plans to significantly reduce its approximately $160 million in lease liabilities using the $100 million from the sale.
- 3Chubby Group aims to reach a target of 1 million Chubby Club members by 2026.
So what's the key point?
What is the main point? GEN Restaurant Group has agreed to sell the operating rights for 47 restaurants to Chubby Group for $100 million. The company plans to use this money to greatly reduce its debt.
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