Texas Based Luby’s Looking To Sell Its Restaurants
A Texas-based restaurant is looking to sell everything it owns due to the economic fallout of the coronavirus pandemic.
Luby’s stated on Wednesday that it will “immediately pursue” the sale of real estate assets and operating divisions, including Luby’s Cafeteria and Fuddruckers.
The restaurants will remain open during the process of looking for a buyer.
“A number of stockholders have expressed their support for seeking alternatives to continuing operating the company’s restaurants in their current form in the present environment and this monetization program will seek to accomplish that task in the most efficient manner,” the company said.
The funds from the sale will go to pay stockholders and pay off any debt the company owes.
“The process will be conducted in a disciplined, expeditious and cost-effective manner which seeks to maximize returns to stockholders," the announcement says.
Luby's first opened in San Antonio in 1947. Countless Texans grew up eating there, especially Sundays after church.
You really hate to see this happen. I really loved their food and hate it for the local employees, but the affect of having to close for weeks because of COVID-19 has definitely had a negative impact on them and many other businesses.