GEN Korean BBQ has signed a binding letter of intent to sell operations at 47 U.S. restaurants to Chubby Cattle Group in a $100 million transaction that would effectively shift the publicly traded company away from restaurant operations and toward its growing CPG business.
The agreement, unanimously approved by GEN’s board of directors, calls for Chubby Cattle to take over the restaurants in four phases over 12 months. The companies are working to finalize the transaction within the next 30 days.