SAN ANTONIO – What began in 1911 with a lunch counter in Springfield, Missouri, later becoming the Luby’s Cafeteria in San Antonio known by generations of Texans since 1947, is finally coming to an end.
The board of directors of Luby’s Inc. announced Tuesday that it had adopted a plan to liquidate and dissolve the company. Closing dates have yet to be announced for the Luby’s Cafeteria here and elsewhere and any Fuddrucker’s, also owned by the company, that remain.
A news release states the plan provides for the sale of its assets and distribution of the net proceeds to its stockholders.
The vote follows an announcement on June 3 that the company was seeking to sell its assets.
A special meeting is planned in which Luby’s stockholders will vote to either approve the board’s decision or opt for a so-called “poison pill,” rejecting the plan.
Unless a buyer steps up, if the plan is approved, it will then be submitted to the U.S. Securities and Exchange Commission, according to the news release.
The release goes on to say that eventually, Luby’s will be “de-listed” by the New York Stock Exchange.
Best known for its fried fish and a daily assortment of other dishes, soups, and desserts, served cafeteria-style, its faithful customers, like Richard Gallego, were disappointed.
“They have real good food, so I sure hate for them to go away,” Gallego said.
The total number of restaurant employees who will lose their jobs in the liquidation is not yet known.
On Wednesday, a message from Luby’s chief operating officer was posted on Luby’s social media accounts telling customers that 80 Luby’s and Fuddruckers locations are open and that team members “look forward to today, the holidays and beyond.”
A message from our COO, Todd Coutee. "I appreciate the calls, texts and notes regarding our recent press release....Posted by Luby's on Wednesday, September 9, 2020