Luby's Cafeteria chain reveals timeline for closing all remaining locations

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Wednesday, February 3, 2021
Luby's is selling its restaurants and assets
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The Luby's cafeteria chain, famous for its LuAnn platter and comfort food, announced in September it plans on selling its restaurants and assets. Get caught up on the details in the video above.

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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