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Luby's completes sale of 26 properties amid ongoing liquidation

The cafeteria chain has already sold both of its restaurant brands and is still shopping its foodservice management business and remaining real estate.


Luby's sells 26 cafeteria plots for $88M

It has also outsourced the duties of CFO and is looking to sell its lone remaining business, a foodservice management company.

The 32-unit chain is to be sold to Calvin Gin for a combination of assumed liabilities and a seller’s note as the company’s liquidation continues.

He was succeeded on an interim basis by John Garilli, a liquidation specialist and real estate dealmaker.

Securities documents show that no offer has yet been made, but due diligence is underway.

The operator of Fuddruckers and Luby's Cafeteria will sell off its assets in pieces and then dissolve.

Sales and profits plunged last quarter and many restaurants remain closed, but cost cuts led to improved margins at open locations.

The salaries of the remaining home-office employees have been cut 50%.

The diversified restaurant company posted a net loss for its Q1 despite rises in traffic and sales.

The company posted a decline in comps on a drop in traffic for all three of its restaurant brands and announced an outsourcing of several headquarters functions.

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