Luby's, Inc.'s board of directors announced Tuesday a plan to liquidate business assets and dissolve the company.
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"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," said Luby's President and CEO Christopher J. Pappas in a statement.
RELATED: Iconic cafeteria chain Luby's is selling its restaurants and assets
Luby's, which started in San Antonio in 1947, announced in June it planned to sell off all its assets and pay down debt.
No timeline on the liquidation was given Tuesday. The board's plan is subject to shareholder approval.
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The plan to sell off the assets also includes the Fuddruckers restaurant chain.
Luby's has approximately 60 locations across the state.
Fuddruckers has locations in 26 states, including around 40 restaurants in Texas.
The video above is from previous reporting.