Luby’s cafeterias, Fuddruckers restaurants to be sold as part of liquidation plan
WACO, Texas (KWTX) - Luby’s Inc. announced Tuesday it has adopted a liquidation plan that includes sale of the company’s assets including the 73-year-old Luby’s cafeteria chain and Fuddruckers restaurants.
The announcement follows the Houston-based company’s announcement on June 3 that it’s seeking to sell its assets.
"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 Christopher J. Pappas, CEO and president of Luby’s
“The plan also continues to provide for the potential to place the restaurant operations with well-capitalized owners moving forward.”
Luby’s will seek approval from stockholders to seek approval of the plan.
Assets to be sold include not only the cafeterias and restaurants, but also Luby’s Culinary Contract Services business and the company’s real estate.
The first Luby’s cafeteria was opened in 1947 in San Antonio.
The Fuddruckers chain was launched in 1980.
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