CERRITOS, CA / ACCESS Newswire / October 14, 2026 / GEN Restaurant Group, Inc. (“GEN” or the “Company”)GENK, a leader in at-home Korean BBQ, today announced that it has signed a binding letter of intent (“LOI”) with Chubby Group (“Chubby”) to sell operations at 47 U.S. restaurants while retaining the GEN brand and the GEN CPG business for $100 million. GEN’s Board of Directors approved the binding LOI by unanimous consent, advancing the transaction with the parties working toward closing within the next 30 days. The transaction is expected to materially strengthen GEN’s balance sheet by substantially reducing its approximately $160 million of lease liabilities and by adding a term note receivable as an asset. GEN expects to eliminate its outstanding debt following the transaction, and the Company may deploy additional capital toward reinvestment in growth, dividends and or share repurchases.
Chubby Group is one of the fastest-growing Asian dining platforms in the United States. Founded in 2016 the company now operates more than 70 locations across 25+ brands, including Chubby Cattle, Wagyu House, The X Pot, NIKU X, Chubby Skewers, and Chubby Bowls. Founders Haibin Yang, David Zhao, and Joyce Li built more than a restaurant company. Chubby owns its supply chain, designs and builds its own stores, runs its own media arm, and connects every guest through the Chubby Club membership app.