In a company statement, the board of directors lined out its plans to potentially move about $92 million to $123 million to its stockholders before dissolving the company completely. The end result could also be a sale.
There are currently 8 Luby’s locations in the Dallas-Fort Worth area as of September 8. There are also 8 Fuddruckers restaurants in North Texas. These closures were likely meant to be temporary, but that no longer seems to be the case. There are currently two functioning Fuddruckers restaurants instead.
In June, Luby’s Inc. began selling its assets, claiming its brands were “hammered by the coronavirus pandemic.” Magazine QSR stated that around half of its corporate office was furloughed in March. Fuddruckers’ halved corporate staff salaries to keep the business afloat. The company has been losing revenue ahead of the coronavirus pandemic as well.
Fuddruckers has a wide variety of burgers, freshly ground beef, and buns baked in-house. Customers can squeeze their own cheese onto burgers as well as access condiments for a truly custom experience.
Luby’s is a different dining option where visitors get trays to fill with foods they enjoy. This includes comfort dishes like pot roast and macaroni and cheese.
There’s currently no indication whether the Luby’s and Fuddruckers in the Dallas-Fort Worth area will remain open.
[H/T: Dallas News]