A Texas staple might quickly be closing its doorways for good.
The coronavirus pandemic has been significantly onerous on the restaurant business, with Houston-based Luby’s the newest to fall sufferer.
The firm introduced that it will pursue the sale of its eating places and assets and distribute internet proceeds to stockholders in a press release final week. Luby’s will proceed to function its eating places throughout the sale course of.
In addition to Luby’s Cafeteria, the firm additionally operates Fuddruckers and Culinary Contract Services.
The press launch states:
Luby’s will discover a spread of potential transactions, together with promoting the Company’s working divisions: Luby’s Cafeteria, Fuddruckers, and Culinary Contract Services, in addition to its actual property, or promoting the Company in its entirety. Net proceeds obtained from any such transactions, after satisfying the Company’s debt and different obligations, will in the end be distributed to Luby’s stockholders.
I notice that is wishful considering (particularly throughout a pandemic), however hopefully somebody will swoop in and save the day and maintain Luby’s up and operating. We’ll maintain a detailed eye on the story and present updates when extra data comes our manner.