CORP/BIZ Texas icon Luby’s announces intent to sell all assets and restaurant business

[lonestar09]

Sad to see this happen

Texas icon Luby’s announces intent to sell all assets and restaurant business

Another Texas icon has fallen prey to a bleak financial situation.

www.click2houston.com

Texas icon Luby’s announces intent to sell all assets and restaurant business

Tulsi Kamath, Senior Digital News Editor
Published: June 3, 2020, 9:40 pm
Tags: Luby's Inc., business, money, economy, food, eating, Texas


HOUSTON – Another Texas icon has fallen prey to a bleak financial situation.

Luby’s Inc. announced Wednesday that is is going to sell all operating divisions and real estate assets to pay stockholders and debts after the company has struggled financially for a long time. The cafeteria-style restaurants have been a source of comfort food for Texans since the first Luby’s was opened in San Antonio more than 70 years ago.

“During the sale process, certain of the Company’s restaurants will remain open to continue serving our guests,” the company wrote in a press release.

Before making the decision, a special committee reviewed a range of strategic alternatives that would maximize stockholder value, the company wrote.

“The Special Committee recommended this course of action to the full Board of Directors which then approved the Special Committee’s recommendations," officials wrote.

“Luby’s will explore a variety of potential transactions, including selling the Company’s operating divisions: Luby’s Cafeteria, Fuddruckers, and Culinary Contract Services, as well as its real estate, or selling the Company in its entirety. Net proceeds obtained from any such transactions, after satisfying the Company’s debt and other obligations, will ultimately be distributed to Luby’s stockholders," the company wrote.

At present, there is no definitive deadline for when the sale must go through, company officials wrote.

 

[Dobbin]

Midas Mulligan comes to mind.

Midas Mulligan - Conservapedia

www.conservapedia.com

Midas knew better than merely to walk away from his offices at the Mulligan Bank. He sold all his loans, a few at a time, to other banks. Then one day he left orders to notify his depositors to withdraw their funds. So well did he orchestrate what was actually a "controlled bank run" that not a single depositor lost money. When bank examiners audited the books later, they found that those books balanced exactly—to the last penny. The Mulligan Bank was wiped out, but its depositors were safe

Dobbin

 

[Dennis Olson]

Luby's is VERY expensive for cafeteria food. The average lunch is $10 or more.

 

[pinkelsteinsmom]

............Dennis, they use to have the very best southern food on the planet and the price was well worth it, don't know about today. Most cafeteria restaurants today are just canned hospital food, Luby's was different, same for Wyatt's. So sad to see them go.

 

[Blacknarwhal]

............Dennis, they use to have the very best southern food on the planet and the price was well worth it, don't know about today. Most cafeteria restaurants today are just canned hospital food, Luby's was different, same for Wyatt's. So sad to see them go.

It is getting SPECTACULARLY hard to find a good buffet any more, unless you go to a casino. And even then, it's a crap shoot. No pun intended in several directions.

This coronavirus business has already hamstrung buffets for a while; the folks and I like to go to one casino in particular for their prime rib and crab legs night; we combine my birthday, Father's Day and Mother's Day into one handy trip since all three days are within a month of each other. Now we're probably not going to be able to do it until like August. If then.

 

[pinkelsteinsmom]

It is getting SPECTACULARLY hard to find a good buffet any more, unless you go to a casino. And even then, it's a crap shoot. No pun intended in several directions.

This coronavirus business has already hamstrung buffets for a while; the folks and I like to go to one casino in particular for their prime rib and crab legs night; we combine my birthday, Father's Day and Mother's Day into one handy trip since all three days are within a month of each other. Now we're probably not going to be able to do it until like August. If then.

Yes, seems most good things and our way of life has come to an abrupt halt.

 

[Millwright]

Luby's is VERY expensive for cafeteria food. The average lunch is $10 or more.

Not a bad deal at all, for something that resembles real food.

Most stops for window food are $9.00.

I know this.

 

[Blacknarwhal]

Yes, seems most good things and our way of life has come to an abrupt halt.

Well, it wasn't exactly easy to find a good buffet even before the coronavirus. We still have a couple, though; one Italian restaurant out here does a wonderful Sunday breakfast. Omelets and waffles, the whole nine yards. Even four or five different desserts; I can't get trifle anywhere else but there that I know of, and it's pretty good stuff.

 

[pinkelsteinsmom]

Well, it wasn't exactly easy to find a good buffet even before the coronavirus. We still have a couple, though; one Italian restaurant out here does a wonderful Sunday breakfast. Omelets and waffles, the whole nine yards. Even four or five different desserts; I can't get trifle anywhere else but there that I know of, and it's pretty good stuff.

My sister in-law was from England. You've never had trifle till you taste English trifle.

real English trifle recipe:

English Trifle

Learn how to make a traditional English trifle. Layers of delicious cake soaked in sherry, vanilla custard and berry jam topped with homemade whipped cream. Perfect for any holiday!

amandascookin.com

 

[Blacknarwhal]

My sister in-law was from England. You've never had trifle till you taste English trifle.

real English trifle recipe:

English Trifle

Learn how to make a traditional English trifle. Layers of delicious cake soaked in sherry, vanilla custard and berry jam topped with homemade whipped cream. Perfect for any holiday!

amandascookin.com

Well, I'd never had trifle before I tasted THAT trifle, so as far as I'm concerned, I had.

Besides, it's not just that, either. They do white chocolate mousse. Little cheesecakes, little brownies...that's just the dessert tray. Bacon, sausage, ham, roast beef, a couple pasta dishes, potatoes, an array of muffins and the like, and all of it for $20. You eat that meal around 10:30, 11 AM, you won't eat again until dinner, guaranteed.

 

[pinkelsteinsmom]

Well, I'd never had trifle before I tasted THAT trifle, so as far as I'm concerned, I had.

Besides, it's not just that, either. They do white chocolate mousse. Little cheesecakes, little brownies...that's just the dessert tray. Bacon, sausage, ham, roast beef, a couple pasta dishes, potatoes, an array of muffins and the like, and all of it for $20. You eat that meal around 10:30, 11 AM, you won't eat again until dinner, guaranteed.

Staph it, I just gained 10lbs reading it!

 

[Dozdoats]

K&W used to be reliably good for southern cooking. Haven't been down east for years though.

K&W Cafeterias | Catering Services | Family Restaurant

Since 1937, our family has served homestyle Southern comfort food, made from scratch and served with genuine hospitality. All without charging an arm and a leg.

www.kwcafeterias.com

 

[Blacknarwhal]

Staph it, I just gained 10lbs reading it!

I empathize. That's an annual event for me; I started going more often than that I'd need to buy new clothes.

 

[lonestar09]

And Luby’s here started breakfast a few years ago. Really good food. Everything I have had at the breakfast tastes fresh and not from a can. Another Luby’s here does or did have a daily special all you could eat. I think it was 6.99 breakfast 7.99 lunch and 8.99 dinner. Does not include drink.

 

[lonestar09]

Luby's is VERY expensive for cafeteria food. The average lunch is $10 or more.

Depends on what you get. Their fried chicken breast is literally have the size of a rotisserie chicken. About the only place you can go for less than $10 lunch is fast food. At least around here.

 

[Meadowlark]

Many years ago Lubys used to be a great place. Last time I was there I called it a salt lick. Everything was salty.

Its a place for old people who have no sense of taste and chew with their mouths open.

 

[SSTemplar]

Sunday after church dinner at Luby's with my grandfather. Great memories.