Texas-based Luby's reveals timeline for closing every location
Get your Luby's fix by the end of summer.
The days of LuAnn platters are drawing to a close. Luby's expects to cease most restaurant operations by the end of its fiscal year in August, the company reports in a filing with the Securities and Exchange Commission.
The beleaguered, Texas-based cafeteria chain adopted a plan of "liquidation and dissolution" in November that will see the company sell off its assets — including the restaurants Luby's and Fuddruckers, as well as its real estate holdings — and distribute the proceeds to shareholders. Luby's estimates each share will generate $3.82 in proceeds. Shares of the company's stock (NYSE: LUB) closed at $3.12 on Wednesday, February 3.