Luby's to buy Fuddruckers for $61 million

Luby's to buy Fuddruckers for $61 million

Cafeteria operator tops earlier bid by Tavistock

Luby’s Inc. said Friday it is buying Fuddruckers Inc. and parent Magic Brands LLC for $61 million in cash, besting an earlier $40 million bankruptcy court bid by Tavistock Restaurant Group.

Houston-based Luby’s was declared the successful bidder for 60 Fuddruckers gourmet-burger units and three Koo Koo Roo locations in a Chapter 11 bankruptcy auction Thursday. A Luby’s spokesman Friday said the company would not comment further until a final approval at a hearing Tues

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