BRISTOL, VA (WJHL) – Quaker Steak and Lube officials announced Thursday that TravelCenters of America (TA) will acquire the company’s restaurants and related assets for $25 million.
On Wednesday, we reported that Quaker Steak and Lube restaurant filed for Chapter 11 bankruptcy protection.
According to a news release, TA submitted its acquisition bid to acquire the restaurant chain as part of a bankruptcy filing in Akron, Ohio. The agreements are currently pending bankruptcy court approval, which is expected early next year following an auction process over the next 90-120 days before the acquisition closes.
TA is a Fortune 500 publicly-traded company and operates over 500 full and quick serve restaurants in 253 full-service travel centers and 184 convenience stores in 43 states.
According to the release, TA expressed its “desire to leverage QSL’s existing base of restaurants to launch an aggressive expansion effort that includes developing locations in their travel centers, as well as additional franchise and corporate-owned locations.”
“This is extremely positive for QSL’s brand. Once the transaction closes, we do not expect to close any restaurants. It will be business-as-usual at The Lube while TA works to establish us as a nationally recognized brand,” Greg Lippert, CEO of Quaker Steak said in a news release.
A news conference has been scheduled for Friday at 10 a.m. in the Quaker Steak and Lube in downtown Bristol, Va., where more information will be released.
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