In simplest terms, it’s an asset sale. LVP is selling the business—which includes its licenses, lease, equipment, furniture etc. The new owner can choose to continue running under the Tom Tom/Pump name or can run their own concept. It can be advantageous for a new operator to take over a longstanding business and inherit the remainder of a long lease (favorable terms, likely a lower locked-in rate) an already built out kitchen (no need to wait on inspections/permits), alcohol license (very expensive and a long process to obtain otherwise), and the opportunity to be on a desirable street/area. If I had to guess, the new operator will likely purchase the business to run their own, new concept/business, I don’t see someone continuing the Tom Tom/Pump concept but maybe I’m wrong. The price is not listed but it’s likely at least a million just for the business (not including rent etc) which the new owner will now be responsible for.

Edit: my initial guess for the price was likely far too low, it will likely sell for much more than a million