TEXAS – Restaurant chain Luby’s will soon dissolve and sell all remaining assists including existing Luby’s and Fuddruckers restaurants.
According to a news release from the company, sales from the liquidation plan will be given to the company’s stockholders.
The Texas-based chain first announced it was looking to sell in June but the board said in a statement shareholders supported an alternate plan.
"This Plan of Liquidation is the next logical step in the Company's previously announced plan to maximize value of the Company through the sale of its operations and assets. Our stockholders have expressed their support for seeking alternatives to continuing to operate the Company's restaurants in their current form, and we believe the Plan of Liquidation will allow the Company to accomplish that task in the most efficient manner," read the statement.
The company says if it receives an offer better than the liquidation plan it would consider whatever route that might take it as well.
It’s estimated that once all assets are sold, including Luby's Cafeterias, Fuddruckers, catering contract services and real estate, that between $92 million and $123 million could go back into the hands of shareholders.
The company says that would amount to $3 to $4 per share.
If you love the restaurant’s food, though, the company will soon be releasing a cookbook.
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September 09, 2020 at 11:30PM
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Luby's Owners Looking to Dissolve Restaurant Chain - Spectrum News
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