Earlier this month, the owners of San Antonio-born Luby’s Inc. revealed plans to liquidate and dissolve, closing down its namesake cafeterias and the Fuddruckers burger chain.
However, a new securities filing shows that the Pappas brothers entered a confidentiality agreement with Luby’s on September 11 to access the company’s financial records. That's a key step in determining whether they want to acquire the 73-year-old Texas institution.
Christopher Pappas has served as the president and chief executive officer of Luby’s since 2001, according to documents filed with the U.S. Securities and Exchange Commission. Harris Pappas was the chief operating officer of the chain until he retired in 2011. He also served as a member of its board until January 2019.
The brothers are owners of Pappas Partners L.P. and Pappas Restaurants Inc., which own Pappadeaux Seafood Kitchen, Pappasito’s Cantina, Pappas Bros. Steakhouse, Pappas Burger, Pappas Seafood House and Pappas Bar-B-Q.
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