GEN Restaurant Group signs LOI to sell 47 US restaurants to Chubby Group for $100 million
Bitget2026/10/14 12:32- GEN Restaurant Group signed a binding LOI with Chubby Group to sell operations at 47 U.S. restaurants for $100 million.
- GEN will retain the GEN brand and its Korean CPG business, keeping about three restaurants for training and R&D support.
- Deal aims to cut roughly $160 million of lease liabilities, add a term note receivable, and enable GEN to eliminate outstanding debt.
- Chubby will run a four-phase, 12-month takeover; GEN keeps operating profits until each site transitions.
- GEN can convert any unpaid term note balance into Chubby equity at a $1.5 billion valuation; closing targeted within 30 days.
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