TravelCenters of America Intends to Purchase Quaker Steak & Lube Post-Bankruptcy

by San Antonio Attorney

TravelCenters of America will shell out $25 million to purchase the bankrupt Quaker Steak & Lube chain of restaurants.

Quaker Steak and Lube was founded in 1974 in Sharon, Pittsburgh.

The chain expanded to over 50 restaurants in 16 states.  The restaurant is famous for its ambience, which has an automotive theme, and delicious chicken wings.

The company filed for Chapter 11 bankruptcy protection and Ohio-based TravelCenters plans to purchase and expand Quaker Steak and Lube.

The company operates more than 500 restaurants located in 253 TravelCenters and they also have convenience stores along major highways located in 43 states.

The deal is still subject to bankruptcy court approval in 2016.

One of the pioneering owners of Quaker Steak and Lube expressed his bemusement and disappointment that the company eventually ended up in bankruptcy.

The original Quaker Steak and Lube, which opened 40 years ago, was located adjacent to downtown Sharon.

This first restaurant was where the franchise all began and where their trademark of the time as ‘always on five o’clock’ was conceived.

Another memorable aspect of the restaurant was the car being lowered into the roof.  They were also marketed as the “best wings in the U.S.A.”

The restaurant would expand to 50 locations in 16 states, drawing customers and providing leisure at the same time.

The company announced that they had filed for bankruptcy last Monday.  This was in addition to another announcement that TravelCenters of America will assume the property for a hefty price of $25 million.

Warren and Gary Moe Meszaros established Quaker Steak as an operational restaurant in 1974.

Unfortunately, Gary Moe passed away in August.  Warren stepped down from his position as CEO of Quaker Steak in 2007.

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