Quaker Steak & Lube filing bankruptcy; will be acquired
TravelCenters of America plans to convert some of its restaurants to the Quaker Steak & Lube brand following its $25 million purchase.
Quaker Steak & Lube filed for bankruptcy on Monday, and TravelCenters of America has agreed to acquire the company's retail sale business for $25 million, according to a TravelCenters press release.
Quaker Steak is a Pennsylvania-based restaurant business with more than 50 nationwide locations, including one at 1411 Kenneth Road in West Manchester Township.
Ohio-based TravelCenters intends to convert some of its own full-service restaurants to the Quaker Steak brand, according to the release, and will retain all of Quaker Steak's current employees, according to spokesman Tom Liutkus.
The agreements are subject to the bankruptcy court approval processes, which are expected to be completed in early 2016, according to the release.
"Quaker Steak & Lube's unique brand and award winning menu is a great fit for (TravelCenters') primary customers - professional truck drivers and highway motorists," TravelCenters' Chief Executive Officer Tom O'Brien said in the release. "We are confident that our existing food services operations will provide (TravelCenters) the tools it needs to make Quaker Steak & Lube a nationally recognized restaurant brand."
Quaker Steak and representatives did not immediately return a request for comment.
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