Texans rejoice! Luby’s is not leaving us many thanks to important business choice

HOUSTON – Very last yr, Texans had been dealt a devastating blow when Houston-primarily based Luby’s Inc. claimed it was liquidating all its property with a prepare to market the organization and divide the revenue among shareholders.

Shoppers feared it would mean indicating goodbye to the cafeteria-design restaurant that experienced fed Texans for additional than 70 yrs.

Nevertheless, men and women can breathe easy now. The company declared Monday that it signed an arrangement to market Luby’s Cafeteria cafe enterprise to a newly shaped affiliate of Calvin Gin.

“We are so pleased to be in a position to receive the procedure of these Luby’s Cafeteria stores, one of the iconic brands in the Texas restaurant current market,” stated Gin, CEO of the purchaser. “This transaction will enable us to go on serving the quite a few loyal Luby’s shoppers at these spots and to supply prolonged-expression employment possibilities for the lots of associates now at these areas.”

In accordance to the news release, the sale is another phase in the earlier introduced strategy to offer Luby’s belongings, pay its liabilities, and return the remaining hard cash to shareholders.

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The acquisition of the Luby’s cafeterias business will not consist of any of the true estate owned by Luby’s, or any of the company’s Fuddruckers functions or the Company’s Culinary Deal Company enterprise, with the exception of the joint Luby’s/Fuddruckers location in Webster.