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It s a sad day and bad news for those of us who love Luby s Cafeterias as FOX7News Austin revealed, Documents filed by Luby s show the restaurant chain expects to cease most restaurant operations in August, which is the end of its fiscal year. In the filings, it states that liquidation is imminent and the likelihood is remote that we will return from liquidation.
The last I heard about the Luby s legendary businesses closing was in September 2020 when I read Texas local Pappa s Restaurant owners and brothers, Chris and Harris Pappa were looking into taking Luby s over.
The company named John Garilli to the interim role.
Flickr/Phillip Pessar
Luby’s, founded in San Antonio in 1947 by Bob Luby, has been led by Pappas since 2001.
Chris Pappas has stepped down as president and CEO of Luby’s as part of the company’s “plan of monetizing its assets for the benefit of shareholders,” the brand announced. Pappas remains a member of Luby’s board and its largest shareholder.
John Garilli, a member of Winthrop Capital Advisors LLC, was appointed interim president and CEO, a role that took effect January 27. Garilli is currently Winthrop Capital’s COO, and has served as CEO, CFO, treasurer, and secretary of New York REIT Liquidating LLC since November 2018. He also held the CEO title at its predecessor, New York REIT, a NYSE-listed real estate investment trust.