Luby's Cafeteria chain reveals timeline for closing all remaining locations
HOUSTON, Texas -- The days of LuAnn platters are drawing to a close. Luby's expects to cease most restaurant operations by the end of its fiscal year in August, the company reports in a filing with the Securities and Exchange Commission.
The beleaguered, Texas-based cafeteria chain adopted a plan of "liquidation and dissolution" in November that will see the company sell off its assets -- including the restaurants Luby's and Fuddruckers as well as its real estate holdings -- and distribute the proceeds to shareholders. Luby's estimates each share will generate $3.82 in proceeds. Shares of the company's stock (NYSE: LUB) closed at $3.12 on Wednesday, Feb. 3.
The company has been steadily closing locations statewide, including its restaurant at the corner of Post Oak and San Felipe that will become the new home of Kenny & Ziggy's. Currently, Luby's operates a dozen stores in Houston plus additional outposts in Pearland, Katy, and Stafford, according to its website.
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The video above is from previous reporting.
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