It’s The End Of The Line For Beloved Texas Chain Luby’s After 73 Years
2020 has taken a lot out us. We've seen lives lost due to COVID-19, along with an economy struggling to stay afloat. Because of this, businesses across the country, and right here in East Texas, are closing their doors. The next business on the verge of leaving us? Luby's.
In Texas, this is a place where my grandparents hung out every Saturday morning. Heck, as a kid, I loved going with them. I loved getting Lu Ann platters, and begging them to let me get Jell-O. Now future kiddos may not get this opportunity.
Luby's Inc.'s board of directors announced today, Tuesday Sept. 8, that a plan to liquidate the company's business assets and dissolve the company.
"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.
Luby's was hit hard by the COVID-19 pandemic. The company furloughed more than half of its corporate staff and cut the pay of its remaining staff in March.
The plan is still in the works as it is subject to shareholder approval.
Let me do you one better...the plan to dissolve the company also means dissolving the Fuddruckers restaurants. I know, 2020.
In Texas, Luby's currently operates 60 locations, including one in Longview.
Fuddruckers operates in 26 states, including 40 locations in Texas.