Luby’s, Fuddruckers Restaurants Will Soon Liquidate
Texas cafeteria chain Luby’s Inc. plans to liquidate its businesses and distribute the proceeds to its existing investors. Assets included in the sale are Luby’s Cafeterias, Fuddruckers, real estate and the company’s culinary contract services businesses, it said.
The company projects it would receive between $92 million and $123 million in proceeds from its liquidation operations. Luby’s is known for its namesake cafeterias that sell comfort food and Fuddruckers is known for its burgers.
Both restaurants have suffered during the pandemic, according to CNN. Luby’s restaurant sales fell 75% in the quarter ending June 3 compared to the same period last year. Fuddruckers sales fell nearly 91%.
Luby’s Inc. has 76 Luby’s Cafeteria locations and 31 Fuddruckers locations.