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Luby's to close more locations to pay down debt

HOUSTON – Luby's is planning on closing more of its locations and selling them off in an effort to pay down debt.

Luby's has sold eight properties since May for a combined worth of $11.6 million. 

The company's president and CEO, Chris Pappas, said the company is focused on selling even more properties to pay down debts.

Proceeds from the eight property sales went to reducing the company's loan balances to $19.5 million, the company said in a release.

"As we execute on this asset sales program, we are also pursuing a refinancing of our debt under a new credit facility," Pappas said in part. "We are committed to actively pursuing these property sales and are currently in discussions to sell additional properties."

The company's total debt as of Aug. 29 was $39.5 million.

It's unclear if any of Luby's 10 San Antonio locations will be included in the property sales.