Gen Restaurant Group has signed a binding letter of intent to sell 47 of its Gen Korean BBQ restaurants to Chubby Cattle Group for $100 million, according to an emailed press release.
Given that Gen will retain its consumer packaged goods business and its branding, it is likely Chubby will shift the locations to a new brand. The press release does not specifically state — and the companies did not immediately clarify — whether or to what brand the Gen restaurants will be converted.