In its quarterly filing to the Securities and Exchange Commission on February 1, Luby's Inc. revealed crucial information about its sale and dissolution, including when the company expects most restaurants to shutter.
"It is estimated that most restaurant operations would cease operations under our ownership by the end of fiscal 2021," reads the filing. The end of the company's fiscal year is August 25.
Luby's Inc. also revealed in the filing that Christopher Pappas resigned as president and chief executive officer of the company, effective January 27.
Last June the company, which started in San Antonio and is now based in Houston, announced it was putting itself up for sale, but after finding no attractive offers, in September Luby's Inc. announced its plan to liquidate, with as much as $128 million to be distributed among shareholders. The company would then be dissolved. It then hired real estate firm JLL to help with selling its holdings.
Luby's Inc. also operates a handful of Fuddruckers restaurants; 13 of those were recently transferred to Black Titan Holdings, which will franchise those locations.
What this means is it'll get a lot harder to enjoy those LuAnn Platters as spring turns to summer. Look for locations to close, as some—like the Post Oak Boulevard location that is turning into a moved location of Kenny & Ziggy's New York Delicatessen—already have.