On October 14, publicly traded Gen Restaurant Group announced that it had signed a binding letter of intent to sell operations at 47 of its U.S. restaurants to Chubby Group, the rapidly expanding hospitality company behind Chubby Cattle, Wagyu House, NIKU X, The X Pot and several other Asian restaurant concepts. The transaction, valued at up to $100 million, would effectively remove Gen from most restaurant operations as the company shifts its attention toward packaged Korean barbecue products sold through grocery retailers.
The news has generated particular concern in Mira Mesa, where Gen has operated at 10765 Westview Parkway since 2018. In recent days, members of the Mira Mesa Neighbors Facebook group have questioned whether the restaurant is permanently closing, with some commenters attributing the rumored shutdown to increased rent and others pointing to the Chubby Cattle acquisition.
One commenter who claimed to have spoken with a Gen manager said the restaurant had not received notice of an impending shutdown. Gen's official website continues to list the Mira Mesa restaurant as operating, with regular business hours and no published closing date.
The distinction is important. Although Gen has agreed to sell its restaurant operations, the transaction does not necessarily mean individual restaurants will permanently close. Chubby Group intends to take over the properties in phases, potentially converting them into new concepts or relaunching them under a revamped Korean barbecue brand.
Under the proposed agreement, Chubby Group will acquire 47 restaurants and four development sites over four phases spanning approximately 12 months. The first 12 restaurant takeovers are targeted for November 1, 2026, although the companies have not publicly identified which locations will be included in that initial group.
Chubby plans to relaunch acquired restaurants as GEN X, a new wagyu-focused interpretation of the existing Korean barbecue concept, or convert them into other restaurants within its expanding portfolio. The company will finance renovations and conversions, while Gen will continue receiving operating profits from each restaurant until its respective takeover is completed.
The transaction remains subject to definitive agreements, lease transfers and applicable regulatory approvals.
Gen's second San Diego County restaurant, located at Westfield UTC at 4373 La Jolla Village Drive, Suite G12, could also be affected. That location opened in 2025 in the former Red Robin space, bringing the chain's all-you-can-eat Korean barbecue experience to the upscale University City shopping center.
Both the Mira Mesa and UTC restaurants remain listed as operating on Gen's official website, and Westfield UTC continues to include the restaurant in its dining directory. Neither location has been publicly identified as one of the small number of restaurants Gen intends to retain, although the companies have not released a definitive list identifying which locations will transfer or when.
The acquisition represents a dramatic change for Gen, which built its reputation around unlimited tabletop-grilled meats, seafood, Korean side dishes and a dining format that became especially popular throughout Southern California.
Gen Restaurant Group, headquartered in Cerritos, went public in 2023 but has since faced financial pressures associated with restaurant operations and long-term leases. The proposed sale is expected to substantially reduce approximately $160 million in lease liabilities while allowing the company to concentrate on its growing consumer packaged goods business.
Chubby Group, meanwhile, has been pursuing an aggressive national expansion strategy. The company announced a $50 million Series A investment led by Prysm Capital at a $500 million valuation alongside the Gen transaction. It currently operates more than 70 restaurants across approximately 25 brands and intends to use the acquisition to accelerate its nationwide growth.
The Mira Mesa situation is further complicated by changes involving the shopping center itself. In June, CenterCal Properties acquired Mira Mesa Market, the approximately 249,225-square-foot retail complex housing Gen, Barnes & Noble, Regal Edwards Mira Mesa, Panera Bread and other businesses.
CenterCal has announced plans for reinvestment and strategic leasing at the property, describing the acquisition as an opportunity to enhance the established shopping destination. The announcement has fueled neighborhood speculation about higher rents, potential redevelopment and the future of longtime tenants.
Some residents have also circulated claims that the center's Panera Bread is closing, while others have expressed concerns about the movie theater and possible residential redevelopment. However, the available information does not establish that Gen's rumored closure is related to a rent increase, nor has a specific redevelopment plan requiring the restaurant's departure been confirmed.
Adding another layer to the story is Chubby Group's separate expansion into Mira Mesa. As SanDiegoVille previously reported, the company has been preparing a new restaurant in the former Red Lobster building at 8330 Mira Mesa Boulevard, bringing another of its Asian dining concepts to the neighborhood.
That project is separate from the Gen acquisition, although the two developments could eventually give Chubby Group multiple restaurant operations in the same San Diego community.
For longtime Gen customers, the immediate question is whether the Mira Mesa and UTC restaurants will continue operating under their familiar names, undergo renovations and rebranding, or eventually make way for entirely different concepts.
For now, both San Diego restaurants remain listed as open, and neither Gen nor Chubby Group has publicly announced a final day of service, a conversion date or a replacement concept for either location. With the first wave of restaurant transfers approaching, the future of the two local establishments may become clearer in the coming weeks.
Originally published on October 29, 2026.
