Fans of cafeteria-style eatery Luby’s better get their fill of square fish sooner rather than later.
Governmental filings discovered by Austin news station Fox 7 show that the beloved restaurant chain posted a $3 million loss in its first fiscal quarter, and that liquidation of the company is “imminent.”
“The likelihood is remote that we will return from liquidation,” notes from the filings state.
In June of last year, Luby’s announced its intent to sell off all assets and operations to pay outstanding debts and other obligations. In September, the board of directors of Luby’s Inc. announced a plan to liquidate and dissolve the company.
The filings state that most of the remaining restaurants “would cease operations under our ownership by the end of fiscal 2021,” speculating that a majority of Luby’s assets will be sold by December 31.
Folks looking to get their hands on one more serving of carrot and raisin salad can do so at one of nine Luby’s locations that are still open in San Antonio.
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This article appears in Jan 27 – Feb 9, 2021.