Houston-based Luby's to sell off restaurant assets

Talk 1370 Newsroom
June 04, 2020 - 4:27 pm
Luby's Cafeteria

courtesy Luby's, Inc.

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HOUSTON (Talk1370.com) -- Luby's, Inc., the Houston-based owner of Texas cafeteria chain Luby's Cafeteria, says it plans to sell off its operating divisions and real estate assets.

The company, which also owns the Fuddrucker's concept, says the move will help it pay stockholders and debts.

"During the sale process, certain of the Company’s restaurants will remain open to continue serving our guests," the company wrote in a press release Wednesday.

Luby's, which got its start in San Antonio in 1947, has four locations in the Austin area. Two locations on East Anderson Lane and North MoPac Boulevard remain open, while the Brodie Lane and Slaughter Lane locations were temporarily closed in late March due to COVID-19. The company's three area Fuddrucker's locations are temporarily closed as well.

The company ended its fiscal 2019 year with $35.9 million in debt.

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