What’s the deal? Chubby Cattle Group is acquiring all 47 Gen Korean BBQ restaurants from GEN Restaurant Group for $100 million. The deal, first announced in August, moves GEN out of the foodservice business and into a retail-only, consumer packaged goods (CPG) model.
What’s the endgame? GEN’s board has approved the transaction and signed a binding letter of intent to sell its US restaurant operations while keeping the Gen brand and CPG business. GEN will remain publicly traded and retain three restaurants, including Cerritos, for staff training and research and development.