The days of square fish and LuAnn platters could be coming to an end. Luby's, the popular Texas cafeteria, announced it will pursue a sale of all its assets, including real estate, to pay off debt and raise money for its shareholders.
During the period while the company looks for a buyer for its three restaurant brands — Luby's, Fuddruckers, and Cheeseburger in Paradise — some locations will remain open to serve customers.
Currently, the company owns 78 Luby's, 39 Fuddruckers, and one Cheeseburger in Paradise; of those, only 98 are currently open due to restrictions stemming from the coronavirus pandemic, according to second quarter fiscal results the company released on Wednesday.
Dallas-Fort Worth has 10 locations of Luby's. Four are open and six are temporarily closed, as follows.
- Fort Worth: 1200 Bridgewood Dr.
- Fort Worth: 3801 Northeast Loop 820
- DeSoto: 801 North Beckley Rd.
- Forest Hill: 3312 Southeast Loop 820
- Dallas: 6221 East Mockingbird Ln.
- Dallas: 13455 Midway Rd.
- Dallas: 5600 South Hampton Rd.
- Duncanville: 926 East Highway 67
- Plano: 5040 West Park Blvd.
- Rockwall: 2235 S Goliad St.
Dallas-Fort Worth has seven Fuddruckers locations. Three are open and four are temporarily closed, as follows.
- Frisco: 2947 Preston Rd.
- McKinney: 2045 N. Central Expy.
- Plano: 741 N. Central Expy.
- Fort Worth: 5601 SW Loop 820
- Grapevine: 2001 N. Highway 121
- Rockwall: 2235 S. Goliad St.
- Dallas: 4520 Frankford Rd.
That Luby's could shutter has been a possibility for some time. In 2019, the company fended off a challenge from an activist investor that sought to replace members of its board of directors. The restaurant has seen sales decline as consumers choose fast-casual restaurants over cafeterias. It made the decision to pursue a sale after a special committee of its board of directors reviewed the company's operations.
Founded in San Antonio in 1947, Luby's relocated its corporate headquarters to Houston after Pappas Restaurants owners Chris and Harris Pappas bought a majority stake in the company in 2001.
At this time, the company's future is unknown. It could find a buyer that purchases the entire business outright or it could sell off its substantial real estate holdings one-by-one and fade into obscurity. In the meantime, diners may want to contemplate making their next visit sooner than later.