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Luby’s Inc., the Texas-based parent company of Luby’s Cafeteria and Fuddruckers restaurants, is ready to throw in the towel and sell off its assets in the wake of the coronavirus pandemic's decimation of the industry.
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“The novel coronavirus disease pandemic has had a significant impact on our level of operations, guest behavior, guest traffic, and the number of locations where we and our Fuddruckers franchisees operate,” the company wrote in new Securities and Exchange Commission filings.
“Liquidation is imminent,” according to the filings, and the company expects most of its assets to be sold before the end of the year. It plans to sell them off entirely by June 30, 2022.
TEXAS CHAINS LUBY'S AND FUDDRUCKERS CLOSING, MAY BE SOLD FOLLOWING COVID-19 SHUTDOWNS
The chain was founded in San Antonio in 1947. But the pandemic crushed its business after shutting down all of its locations entirely beginning on March 31 due to COVID-19.
Like many restaurants, the chain’s storefronts struggled mightily amid coronavirus closures as the pandemic rattled the U.S. economy for the rest of 2020.