Luby’s, Fuddruckers Restaurants to Close All Locations
HOUSTON, Sept. 8, 2020 /PRNewswire/ — Luby’s, Inc. (“Luby’s”) (NYSE: LUB), today announced that the company plans to liquidate and dissolve. After trying to sell the company and its assets fell through, they now plan to have the company’s stockholders vote and proceed with closing down all locations.
The assets to be sold include operating divisions Luby’s Cafeterias, Fuddruckers, and the Company’s Culinary Contract Services business, as well as the Company’s real estate.
Luby’s, Inc. (NYSE: LUB) operates two core restaurant brands: Luby’s Cafeterias and Fuddruckers. Luby’s is also the franchisor for the Fuddruckers restaurant brand. In addition, through its Luby’s Culinary Contract Services business segment, Luby’s provides food service management to sites consisting of healthcare, corporate dining locations, sports stadiums, and sales through retail grocery stores.
Our hearts go out to the employees affected by these shutdowns. And, to the consumers who rely on these stores.
COVID Retail Apocalypse
This news comes on the heels ofretail giants such as J.C. Penney declared bankruptcy and plans to close 200 stores, And, Victoria’s Secret and Bath & Body Works announced they were closing 300 stores. Gordmans bankruptcy and store closings. Tuesday Morning stores declare bankruptcy. And, of course, Pier One Imports closing all of their stores. Shortly after Neiman Marcus, another department store giant, declared Chapter 11 bankruptcy amid the coronavirus pandemic. And, most recently The Children’s Place announced they would close 300 stores. and 24-Hour fitness closes doors to nearly half of its clubs.
See all the 2020 Stores Closing here.
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Source: PR Newswire