Luby’s Cafeteria Closing in Texas After 73 Years
Texans are experiencing an array of emotions after learning about the plan to dissolve all Luby's locations.
According to a press release from PR Newswire, the company's board of directors has decided to liquidate and dissolve all of the company's assets. The proceeds will then be distributed among company shareholders.
Luby's slogan is, "Tastes like Texas, Feels like home," a saying that couldn't ring more true to native Texans. Luby's has been a part of my life since the beginning, and a huge wave of wistful nostalgia hits me thinking of its possible closure.
I say possible because:
- The board still has to meet with the stockholders to approve the plan of liquidation AND
- "If at any time, including after the Plan is approved by stockholders, the Company receives an offer for a corporate transaction that, in the view of the Board of Directors, will provide superior value to its stockholders in comparison to the value of the estimated distributions under the Plan, taking into account factors that could affect valuation, including timing and certainty of closing, credit market risks, proposed terms and other factors, the Plan could be abandoned in favor of such an alternative transaction."
Therefore, stockholders could still reject the plan to liquidate all Luby's assets or maybe a potential buyer will come in and save the business.
Maybe I'm in denial, but I'm really not ready to see Luby's go. There is currently not a timeline of restaurant closures, but the company is planning an "orderly wind down of any remaining operations."
Even popular television show King of the Hill ingrained a piece of Luby's in TV history by dubbing a character Luanne Platter, named after Luby's Lou Ann Platter. Again, Luby's is a Texas favorite and is embedded in our culture. 2020, you are seriously way too much for me to handle.
What are your thoughts on the liquidation?