GEN Restaurant Group Inc (GENK) News & EventsGENKGEN Restaurant Group Inc

GEN Restaurant Group Signs LOI with Chubby Group to Sell 47 Restaurants for $100M

GEN Restaurant Group announced that it has signed a binding letter of intent, LOI, with Chubby Group to sell operations at 47 U.S. restaurants while retaining the GEN brand and the GEN CPG business for $100M. GEN's Board of Directors approved the binding LOI by unanimous consent, advancing the transaction with the parties working toward closing within the next 30 days. The transaction is expected to materially strengthen GEN's balance sheet by substantially reducing its approximately $160M of lease liabilities and by adding a term note receivable as an asset. GEN expects to eliminate its outstanding debt following the transaction, and the Company may deploy additional capital toward reinvestment in growth, dividends and or share repurchases.

Company Offers Sale of Up to 15M Shares of Class A Common Stock

This filing relates to the offer and sale from time to time by the selling stockholders of up to 15M shares of Class A common stock. The company is not selling any shares under this prospectus and will not receive any of the proceeds from the sale of shares by the selling stockholders.

GEN Restaurant Group Adds Four New Retail and Foodservice Accounts

GEN Restaurant Group announced four new retail and foodservice accounts for its ready-to-cook marinated Korean BBQ meats: Vallarta Supermarkets, the University of California, Los Angeles, SoFi Stadium and Ole City Market. The new accounts extend GEN's CPG business beyond traditional grocery and into university dining and live entertainment venues for the first time. Vallarta Supermarkets will carry GEN products across its 55 store locations, UCLA will serve GEN products through its campus dining program, and SoFi Stadium began offering GEN products earlier this month. Ole City Market is expected to begin carrying GEN products in the coming weeks. With these additions, GEN products are now available at more than 2,000 retail locations across the United States.