Has Luby's been saved?
The popular Houston-based chain of cafeterias was purchased for $28.7 million by an affiliate of Chicago businessman Calvin Gin. An announcement made Monday referred to the affiliate as Luby's Restaurant Corporation.
The purchase includes all 32 existing Texas locations of the cafeteria and ownership of the Luby's brand. What will Gin do with it? Well, he says he wants to keep it alive.
"We are so pleased to be able to acquire the operation of these Luby's Cafeteria stores, one of the iconic brands in the Texas restaurant market," says Gin in a press release. "This transaction will allow us to continue serving the many loyal Luby's customers at these locations and to provide long-term employment opportunities for the many associates currently at these locations."
The release says Gin anticipates to offer positions to "almost all employees" at the 32 Texas locations with the intent on keeping them at those Luby's stores.
This is the latest development for a brand that has seen its share of tumult over the last year. In early June 2020, Luby's Inc. announced the sale of all operations and assets, and in February the company made public its plans to dissolve. At the time, nobody had stepped up to buy the Luby's brand, though 13 Fuddruckers restaurants were sold last week to an affiliate of Black Titan Enterprises for $18.5 million.
So, does this means you can continue enjoying LuAnn platters and other homestyle favorites without worry of an impending closing?
Probably. Of course, nothing in this world is truly forever. (Sorry for the bleak outlook, the point is ... enjoy your Luby's while you can.)