Iconic cafeteria chain Luby's is selling its restaurants and assets

HOUSTON, Texas (KTRK) -- The Luby's cafeteria chain, famous for its Lu Ann platter and comfort food, is selling its restaurants and assets.

Luby's, which started in San Antonio in 1947 announced that it is selling off all its assets and will distribute the net proceeds to stockholders after payments of debt.

A press release from the company said that during the sale process, certain of the company's restaurants will remain open to continue serving our guests.

Christopher J. Pappas, CEO and president of Luby's, said, "We believe that proceeding with this sale process followed by distributions contemplated under a proceeds distribution plan 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. This path also provides for the potential to place the restaurant operations with well-capitalized owners moving forward."