GEN Restaurant Group, based in Los Angeles, has signed a binding letter of intent to sell operations of 47 GEN Korean BBQ House restaurants to Chubby Group for $100 million. The deal may include all 12 GEN locations in Texas.
The sale will cut about $160 million in lease liabilities for GEN. It will keep the GEN brand and about three restaurants for training, staffing, and consumer packaged goods research and development.