Luby’s to Sell Restaurant Business and All Assets
The coronavirus pandemic has not been kind to the restaurant business. As a matter of fact, there are many many eating establishments that have not fully opened their doors yet, and are still struggling.
If you have ever been to Texas, you know how beloved the Luby's Cafeterias are. I mean, my family members make a pilgrimage there just about every week. Well, earlier last week, the parent company of Luby's released a statement about the future of the restaurants. The Board of Directors announced that they are planning to immediately pursue the sale of their operating divisions and assets, and they went on to say that the restaurants that have actually opened at this time will remain open throughout the process.
The press release states "Luby’s will explore a variety of potential transactions, including selling the Company’s operating divisions: Luby’s Cafeteria, Fuddruckers, and Culinary Contract Services, as well as its real estate, or selling the Company in its entirety."
In addition to the cafeterias, the company also owns Cheeseburger in Paradise, which is a restaurant inspired by the Jimmy Buffet hit song, and Koo Koo Roo's, which was a chicken restaurant that closed their doors in 2014. Approval still is needed from stockholders to begin proceedings of the sale, and no timeline has been given out on when that will be. I really hate to see such an institution go down the drain, and we are sending Luby's all our best wishes. And just FYI, they have the best chicken fried steak around. Check out their official Instagram profile below.
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