Luby's to Purchase Cheeseburger in Paradise

Company adds 23 restaurants in 14 states to its portfolio.

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Multi-concept operator Luby's, Inc. reached an agreement to purchase Cheeseburger in Paradise, a chain of full-service, island themed restaurants developed in concert with world-renowned entertainer Jimmy Buffet. The deal is valued at $11 million and is expected to close by Dec. 5.

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Luby's will operate 23 Cheeseburger in Paradise locations in 14 states. Prior year revenues for the locations to be purchased were more than $50 million, according to a company release. Luby's anticipates developing opportunities to expand the brand.

Luby's other concepts include Luby's Cafeterias and Fuddruckers.

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