Sad day for Luby's fans: It looks like the end has arrived for the beloved Texas cafeteria chain.
It looks like the end has arrived for Luby’s, the beloved Texas cafeteria chain.
Luby’s Inc. said Tuesday that it plans to liquidate its businesses and distribute the proceeds to its existing investors. The Houston-based company had said in June that it was looking to sell its restaurants and assets. As of March 31, the company had halted operations at all 50 of its locations. Assets to be included in the proposed sale include Luby’s Cafeterias, Fuddruckers, real estate and the company’s culinary contract services business, it said. The company projects that it would receive between $92 million and $123 million in proceeds from its liquidation operations.Luby’s said it values its property and equipment at $104 million. It had long-term debt of $57.3 million and obligations on operating leases of $22.7 million.
“We believe that moving forward with a plan of liquidation will maximize value for our stockholders, while also preserving the flexibility to pursue a sale of the company should a compelling offer that delivers superior value be made," Luby’s president and CEO Christopher Pappas said in a statement."The plan also continues to provide for the potential to place the restaurant operations with well-capitalized owners moving forward.
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