Luby’s restaurant ownership approves liquidation plan
You may have ordered your last Luann platter.
The board of directors for the parent company of Houston-based Luby's signed off on a plan to liquidate and dissolve the company.
Leaders say they are looking to sell its real estate and other assets immediately. But they are open to selling the company if the right offer comes along.
The plan to liquidate must still be approved by stockholders.
There are eight Luby’s locations still operating in North Texas. But the chain has been in financial distress for years and closed several restaurants earlier in the year.
The company previously announced in June it was exploring plans to sell its assets. A business publication reported the chain has been “hammered” by COVID-19.
The first Luby’s opened in 1947 in San Antonio.