Luby's, known for its namesake cafeterias that sell comfort food and the burger chain Fuddruckers, is planning to put its restaurants up for sale
Members of the company's board announced on Tuesday a plan to liquidate, which includes selling assets and real estate and returning cash to shareholders. Luby's Cafeteria dates back to 1947. The Texas chain serves comfort food, including chicken fried steak, roast chicken and ribeyes. Fuddruckers specializes in hamburgers. Both restaurants have suffered during the pandemic: At Luby's , restaurant sales fell 75% in the quarter ending June 3 compared to the same period last year.
The liquidation plan is"the next logical step," members of the board said in a statement. "Our stockholders have expressed their support for seeking alternatives to continuing to operate the company's restaurants in their current form, and we believe the [liquidation plan] will allow the company to accomplish that task in the most efficient manner," they added. Stockholders must approve the plan before it moves forward.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Luby’s plans to dissolve Texas-based cafeteria chain including Fuddruckers months after closing restaurantsLuby’s said it plans to liquidate its businesses including Luby’s Cafeterias, Fuddruckers and distribute the proceeds to its existing investors.
Read more »
Inconceivable! 'Princess Bride' Fan Ted Cruz Criticizes Cast Support for DemsTexas Sen. Ted Cruz — a 'Princess Bride' superfan — expressed disapproval as the cast of the 1980s cult classic plans to reunite for a fundraiser on behalf of the Democratic Party of Wisconsin.
Read more »
House Committees Investigating Fort Hood After String Of Tragic Deaths28 soldiers have died at the Texas Army base this year, according to the Associated Press.
Read more »
Global economies are 'several quarters' away from returning to pre-pandemic levels, while China will likely get there by end-2020 | Markets InsiderSummary List Placement Economies around the world are still a long way off returning to pre-pandemic growth levels despite gradual pick-ups in t...
Read more »
The Best Appliance Sales Of Labor Day 2020: On-Sale Refrigerators, Dishwashers & MoreThe biggest savings are usually focused around the most expensive items, which is why appliance sales are so popular during Labor Day weekend.
Read more »
Multiple Boats Sink At Pro-Trump Boat Parade In TexasHundreds of boats set out to show their support of Trump. Some of which sank.
Read more »