HOUSTON – 2020 has delivered yet another devastating blow. Houston-based Luby’s Inc. said it is liquidating all its assets with a plan to sell the company and divide the money amongst shareholders.
Customers of the beloved restaurant said Wednesday this feels like a farewell.
“It’s really sad,” said customer Laci Theriot. “Luby’s has been an institution in Texas forever. And I grew up every Sunday after church going to Luby’s.”
The cafeteria-style restaurant has fed Texans for more than 70 years. Some have supported the establishment for as long as they can remember.
Ross Ward said his grandparents have been taking him to Luby’s since he was a child.
“I was in a highchair … making a mess,” Ward said.
Ann Beeson said she’s been dining at the popular chain for 40 years.
“I’ve gone to it because I love their fresh vegetables and it was really good,” said Beeson. “This is my last time to go so it’s kind of sad.”
Though customers can’t get enough of their favorites, such as the fried fish, Luby’s restaurants and the Fuddruckers burger chain have been struggling during the pandemic.
Sales at Luby’s fell 75 percent in their fiscal quarter ending in June, while sales at Fuddruckers dropped 91 percent, according to CNN.
In a statement, Luby’s announced it’s liquidating all its assets from 147 restaurants and will use the cash to pay its stockholders. Customers have said it sounds like the end of Texas institution, although the sale could result in new ownership.
“I’ve only been there twice before,” said customer Sergio David. “I said I might as well go one more time before they go out. If they switch to a more traditional restaurant style maybe they could survive.”
In a series of tweets Wednesday, Luby’s said although all of this is shocking, they still have 80 restaurants open and serving food. They said they plan to be here today, for the holidays and beyond.