Restaurant operator Luby’s Inc., which also owns the Fuddruckers burger chain, intends to sell the business and distribute the proceeds to shareholders after a drop in sales amid the coronavirus pandemic.
Houston-based Luby’s said Monday that its board has approved a liquidation plan calling for the sale of its company-owned Luby’s Cafeterias and Fuddruckers outlets as well as its culinary contract business and real estate. Luby’s said it plans to call a special meeting to ask shareholders to approve the plan. Assuming its business assets are sold, the company estimates it will distribute between $92 million and $123 million to shareholders, or about $3 to $4 a share.
Luby’s had flagged previously that it intended to put the brands up for sale. The board agreed to liquidate the business after sales at Luby’s restaurants dropped because of government-mandated closures related to the pandemic. The wind-down strategy Luby’s is pursuing is the best way to maximize the value of shareholders’ investments and still allows the restaurants to keep operating under new ownership should a sale be completed, Luby’s Chief Executive Christopher Pappas said.
Lakesha42544940 Quite honorable.
There is a global pandemic. Now going I don't think fudruckers is really doing a lot of business now.
Hi nice burger sign where are you guys located
Fuddruckers was fun!
This is one of those names you don't try to pronounce after several beers. I'm just sayin'!
☹️☹️☹️☹️☹️
Went to the one in the casino in New Orleans four days ago and it was complete trash. Absolute garbage.
McClain_on_NFL This is sad. Order their 1/3 lb. burger, fries, and take it to the fixings bar and get your mayo/mustard, pico on the burger topped with jalapeno chees, with jalapeno cheese on the fries. Needed a better beer selection IMO. Will go there and do this.
So sad...
check
This is that 'American grit' that is going to carry us through this pandemic.
Snap. Enjoyed their burgers. A shame.
How the hell is this even good news? This is exactly what the communist want for you, the liberals, the Democrats, don’t want your jobs to fail because they want power more than they want you to be successful
Fuddruckers made the best burgers!
Hi how is labor day after r.c the holiday rush are there any greatinvestm3nts and sales on wallstreet.
I want to buy a Fuddruckers. ☹️ But give me one that still makes the patties fresh in the restaurant.
These are iconic chains I. Their neck of the woods. Watch this space
Hi my. N.eme is lakesha johnsonilive in buffalo ny.
We were just discussing this yesterday. Most of the businesses closing were either already in trouble or mediocre, few irreplaceable gems. Businesses that neighborhoods want are being rallied around. It’s nice to see priorities rewarding substance, character and history.
What? This is sad! Fuddruckers is so good!
IN PANAMA WE HAVE A FORMER PRESIDENT WHO GIVEN THE CHINESE THE CHANNEL TO THE CHINESE. WE EXEMPT THAT THIS FORMER PRESIDENT IS INCLUDED IN THE CLINTON LIST
We have lost Fuddruckers. We have lost America.
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Source: CNBC - 🏆 12. / 72 Read more »