Texas icon Lubys announces intent to sell all assets and restaurant business
HOUSTON Another Texas icon has fallen prey to a bleak financial situation. During the sale process, certain of the Companys restaurants will remain open to continue serving our guests, the company wrote in a press release. Before making the decision, a special committee reviewed a range of strategic alternatives that would maximize stockholder value, the company wrote. Net proceeds obtained from any such transactions, after satisfying the Companys debt and other obligations, will ultimately be distributed to Lubys stockholders," the company wrote. At present, there is no definitive deadline for when the sale must go through, company officials wrote.