Two beloved Texas restaurants announced plans to close recently. It was announced this week that parent company Luby’s Inc., which also owns Fuddruckers, plans to liquidate the restaurants and dissolve the company. While many of the locations around Texas have been temporarily closed due to the coronavirus, fans that were hoping they would soon reopen were crushed by the decision.
The decision by the Luby’s Inc. board of directors was made on Tuesday, with plans to liquidate the restaurants potentially yielding approximately $92 million to $123 million to distribute to stockholders. Currently there are eight Luby’s restaurants in DFW, and seven Fuddruckers locations in North Texas. However, the majority of these locations are closed, and apparently will not reopen.
This decision was made after both restaurants were reportedly “hammered by the coronavirus pandemic.” Fans of both restaurants were upset over news of their closing. Though many pleaded to keep the beloved restaurants it appears they will have to find another local favorite to dine at.
Via Dallas News