Magic Brands, LLC, and Fuddruckers, Inc. announced today that the Company has obtained bankruptcy court approval of the sale of substantially all of its assets to Luby’s, Inc (NYSE:LUB).

Luby's, Inc. (NYSE: LUB) announced that it will purchase substantially all of the assets of Fuddruckers, Inc., Magic Brands, LLC and certain of their affiliates for approximately $61 million of cash.

Restaurant sales were $50.8 million, a decrease of $7.7 million compared to the same quarter last year. Same-store sales, from a total of 95 restaurants, decreased approximately 12.5%. Sales were impacted by a decline in guest traffic, guest frequency and lower menu prices.

Closing 25 underperforming stores

Restaurant Lowers Prices on More Than 100 Items and Offers 'Buy One Combo, Get One Combo Half Off' Dinner Deal

Restaurant sales were $66.0 million, a decrease of $6.7 million compared to the same quarter last year; approximately $1.5 million of the reduction in sales related to closed operations partially offset by new restaurant sales.

Restaurant sales were $65.9 million, a decrease of 7.9% compared to the same quarter last year

Q4 Same-Store Sales Declined 2.0% - Q4 Total Sales Declined 1.3% - FY 08 Same-Store Sales Declined 2.6% - FY 08 Culinary Contract Services Grew $6.1 Million Year-Over-Year

This is the fourth new Luby's restaurant opening in the past twelve months.

Luby's Announces Third Quarter Fiscal 2008 Results