TravelCenters of America Acquires Quaker Steak and Lube

Truck stop operator, TravelCenters of America Westlake based company has officially closed the deal on acquisition of 50 Quaker Steak and Lube restaurants. The news of of the acquisition was first announced last November and Quaker Steak filed for bankruptcy. The deal includes restaurants and franchise operations, according to bankruptcy records, the sale closed in late March reports Cleveland.com.

Recently, some Quaker Steak locations have been shuttered, including the restaurant in Lakewood.

Chief executive officer at TravelCenters said in a release, "We expect to grow Quaker Steak & Lube into a nationally recognized brand, principally by franchising and licensing, but we also expect to add the brand in selected existing facilities and to be opportunistic regarding the possibility of acquiring additional locations."

TravelCenters of America is an operator of truck stops, convenience stores, and travel plazas, Quaker Steak will be the first restaurant in its portfolio that has its own building.