HOUSTON, Texas (KTRK) — The Luby’s cafeteria chain, famed for its Lu Ann platter and comfort foodstuff, is offering its eating places and property.
Luby’s, which began in San Antonio in 1947 announced that it is marketing off all its assets and will distribute the web proceeds to stockholders just after payments of personal debt.
A press launch from the business mentioned that in the course of the sale method, selected of the company’s restaurants will continue being open up to go on serving our friends.
Christopher J. Pappas, CEO and president of Luby’s, mentioned, “We consider that proceeding with this sale system followed by distributions contemplated underneath a proceeds distribution plan will optimize value for our stockholders, though also preserving the adaptability to pursue a sale of the Corporation need to a compelling present that provides top-quality worth be designed. This route also presents for the opportunity to put the cafe operations with perfectly-capitalized entrepreneurs relocating ahead.”
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