Bankrupt Quaker Steak & Lube targeted by TravelCenters group

Bankrupt Quaker Steak & Lube targeted by TravelCenters group

SHARON, Pa. (AP) - The bankrupt Quaker Steak & Lube restaurant chain expects to be purchased by TravelCenters of America for $25 million.

The chain was founded and based in Sharon, about 60 miles northwest of Pittsburgh, in 1974. The chain has grown to more than 50 locations in 16 states and is known for its automotive themed decor and chicken wings.

But the company filed for Chapter 11 bankruptcy protection and TravelCenters, based in Westlake, Ohio, plans to buy and expand the chain.

TravelCenters operates more than 500 restaurants in 253 travel centers and convenience stores along major highways in 43 states.

The company says it will convert some of its locations to Quaker Steak sites, but that it will continue to expand Quaker Steak franchises in other locations, too.

The deal is subject to bankruptcy court approval, probably next year.

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