Luby s restaurants to close by August KHOU 11 Staff, Grace White
Luby s, Fuddruckers restaurants to close by August
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Luby s and its Fuddruckers restaurants are closing their remaining restaurants by August.
The Dallas Morning News reports Chris Pappas, who operates Houston-based Pappas restaurants, has resigned as CEA and president of Luby s Inc.
Luby s has about a dozen Houston restaurants operating currently.
Back in September, the Luby s Inc. board members voted to liquidate and dissolve the company s businesses, operations, and real estate and institute an orderly wind down of any remaining operations, the company announced in a press release.
In June, the Houston-based company announced it would immediately pursue the sale of its operating divisions and assets, including its real estate assets, and distribute the net proceeds to stockholders after payment of debt and other obligations.
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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.
Luby’s expected to close all locations by August
Luby’s officials say “liquidation is imminent”
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Luby’s board votes to liquidate, dissolve 73-year-old Texas institution, Fuddruckers
SAN ANTONIO – It looks to be bad news for Luby’s lovers. The will-they-or-won’t-they close dilemma seems to be leaning towards the latter.
Fox 7 in Austin found governmental filings that show the restaurant posted a $3 million loss in its first fiscal quarter, while also settling 24 leases of closed Luby’s properties.
Notes from the filings of the beloved food chain state that “liquidation is imminent” and that “the likelihood is remote that we will return from liquidation.”
You may have a few months to get in those last couple of meals.
By
Timothy Malcolm
2/4/2021 at 9:55am
The end of Luby s is near, it seems.
In its quarterly filing to the Securities and Exchange Commission on February 1, Luby s Inc. revealed crucial information about its sale and dissolution, including when the company expects most restaurants to shutter. It is estimated that most restaurant operations would cease operations under our ownership by the end of fiscal 2021, reads the filing. The end of the company s fiscal year is August 25.
Luby s Inc. also revealed in the filing that Christopher Pappas resigned as president and chief executive officer of the company, effective January 27.Â
Luby’s and Fuddruckers restaurants in Dallas-Fort Worth are expected to close by August. A recent filing with the Securities and Exchange Commission says “liquidation is imminent.”
If this sounds familiar, that’s because the board of directors for Luby’s Inc. approved a plan to liquidate both restaurants last year, but that decision did not yet guarantee a shuttering of all brands. A few weeks later, in late-September 2020, Texas brothers Chris and Harris Pappas filed paperwork with the SEC to evaluate whether they should purchase Luby’s Inc., and it was potentially a way for the storied restaurant family to save the company from extinction.