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Quaker Steak & Lube files for Bankruptcy, Sale Expected

11/18/2015

by: The Staff

Quaker Steak & Lube, a gas-station-themed, casual-dining chain, filed for bankruptcy protection on Nov. 16. The Sharon, PA-based company expects to be acquired by TravelCenters of America (TA) for $25 million.

The wings-focused Quaker Steak & Lube, founded in 1974, has more than 50 locations, most of which are franchised. The units are based in 16 states, but primarily in Pennsylvania and Ohio.

TravelCenters plans to convert some of its existing full-service restaurants to Quaker Steak & Lube  while  expanding the franchise program and the number of stand-alone, company-operated restaurants. TA’s primary customers are professional truck drivers and highway motorists, so the Quaker Steak & Lube brand is a good fit, according to TA’s CEO Tom O’Brien.

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“We are confident that our existing food services operations will provide TA the tools it needs to make Quaker Steak & Lube a nationally recognized restaurant brand,” O’Brien said in a statement.

bankruptcy Quaker Steak & Lube

Last modified: 11/18/2015

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