April 12, 2024

Luby’s seeks a new buyer amid COVID-19 pandemic

Houston based Luby’s announced its intent to sell all assets and restaurant businesses. The restaurant is known to cater older guests with their cafeteria style line.

On Wednesday, the company had announced they will pursue the sale of the company, sale of their assets including real estate in efforts to pay down its $35 million debt and to distribute the remaining proceeds to stockholders who are disappointed by the financial performance of the company.

Some of their restaurants will remain open while they seek out a buyer.

Luby’s was founded in 1947 in San Antonio. They operate 118 restaurants nationally as of March 11, 2020: 78 Luby’s Cafeterias, 39 Fuddruckers, 1 Cheeseburger in Paradise restaurant. Luby’s franchises locations across the United States, including Puerto Rico, Canada, Mexico Colombia and Panama.