Luby's executive proclaims 'We are open!'

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Thursday, September 10, 2020
Luby's is selling its restaurants and assets
The Luby's cafeteria chain, famous for its Lu Ann platter and comfort food, is selling its restaurants and assets.

HOUSTON, Texas (KTRK) -- There may be a plan to shutter the well-known Texas restaurant chain, but one of Luby's executives wants you to know... It ain't happening yet.

"We are here today and plan to be here for a long time," Luby's COO Todd Coutee wrote Wednesday in a Facebook post. "Our team members are delighted to serve you and look forward to today, the holidays and beyond. I want to personally thank you and invite you to come out and dine in with us or get our great food to-go."

Coutee's message to customers came a day after word that the Texas-based cafeteria would be liquidated if shareholders approve.

Luby's, known for square fish, the Lu Ann platter and other comfort food, has struggled financially over the years.

After attempting to sell the chain, along with the hamburger chain Fuddruckers, the board of directors voted to dissolve the entire company.

RELATED: Fuddruckers and Luby's owners plan for closures

"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.

While no timeline on the liquidation was given, Coutee's message indicated it wouldn't be any time soon.

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.