GEN Restaurant Group, Inc. (NASDAQ: GENK) has signed a binding letter of intent to sell operations at 47 U.S. restaurants to Chubby Group for $100 million, as the company shifts its focus toward its Korean consumer-packaged goods (CPG) business.
GEN’s Board of Directors unanimously approved the agreement, with the companies targeting a closing within 30 days. The transaction remains subject to definitive agreements, regulatory approvals, license transfers and lease assignments.