The decision comes after a series of discussions on how to keep the restaurants operating as normal, according to a news release. Proceeds from the sales will be distributed to the company’s stockholders, who must first approve the liquidation plan, the release said.
The plan allows for the company to be sold or for restaurant operations to be placed “with well-capitalized owners moving forward," the release stated.
Luby’s, which is known for its homestyle comfort food, opened its first cafeteria in San Antonio in 1947. The company acquired hamburger eatery Fuddruckers in 2010, according to a Luby’s news release from that year.
Fuddruckers has locations in Plano, Frisco, McKinney and Grapevine, all of which are temporarily closed.