Bye-Bye 'LuAnn Platter,' Luby's Board Of Directors Liquidating Iconic Texas Restaurant Chain
TEXAS (CBSDFW/AP) - Every Texan child knows what a LuAnn platter at Luby's is—half an entree, two vegetables, and bread.
Sadly, the next generation won't get to experience its glorious, cafeteria-style.
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 issued Tuesday.
"We believe that moving forward with a Plan of Liquidation will maximize value for our stockholders, while also preserving the flexibility to pursue a sale of the company should a compelling offer that delivers superior value be made. The plan also continues to provide for the potential to place the restaurant operations with well-capitalized owners moving forward," said Christopher J. Pappas, Chief Executive Officer and President of Luby's.
This follows the Houston-based company's June 3, 2020 announcement that it is seeking the sale of its assets. Those assets include operating divisions Luby's Cafeterias, Fuddruckers and the company's culinary contract services business, as well as the company's real estate.
Current estimates provided by the company put liquidating distributions to stockholders between approximately $92 million and $123 million -- approximately $3.00 and $4.00 per share of common stock, respectively, based on 30,752,470 shares of common stock outstanding as of Sept. 2, 2020.
Farewell fried square fish planks, nuclear man n' cheese and blue Jell-O. Farewell.
