We could be seeing the end of a hometown Texas staple.
Member of the boards of Luby's Inc. voted to liquidate and dissolve the company's "businesses, operations, and real estate" and institute an "orderly wind down of any remaining operations," as announced this past Tuesday.
This past June, the company announced its plans to sell off restaurant locations. This new plan of action would "convert all of its remaining assets into cash and distribute the net proceeds to the stockholders."
However, there is still hope.
Luby's President and CEO Christopher J. Pappas said the company is "preserving the flexibility to pursue a sale of the Company should a compelling offer that delivers superior value be made." SO if they can find an influx of cash from a reliable source, the LuAnn platter will be saved!
The original Luby's was opened in San Antonio in 1947, and operated 77 restaurants in Texas, as well as one in Mississippi.
By KVUE