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Luby s sets date to delist from NYSE, transfer assets to liquidating trust
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Luby s agrees to sell Fuddruckers to Black Titan Franchise Systems
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“The company intends to attempt to convert all of its assets into cash, satisfy or resolve its remaining liabilities and obligations, including contingent liabilities and claims and costs associated with the liquidation of the company, and then file a certificate of dissolution,” Luby’s said Wednesday
Assets to be sold include the operating divisions Luby’s Cafeterias, Fuddruckers and the company’s Culinary Contract Services business as well as the company’s real estate, the company said.
As of Nov. 24, Luby’s operated 84 restaurants, including five side-by-side Fuddruckers-Luby’s “combo” locations. Of the 79 real estate parcels, 47 are company-owned and 32 are leased.