Luby’s announced Wednesday that it plans to sell its assets as part of a strategic alternative to maximize stockholder value.
Luby’s announced Tuesday morning that it is temporarily closing 35 restaurants and furloughing more than half of its corporate office to limit the negative effects of the COVID-19 pandemic.
While some of Luby’s turnaround initiatives gain footing, recent results aren’t enough to stabilize the company, chief executive officer Chris Pappas said Monday.
Luby’s announced continuing losses in the fourth quarter, which executives hope to turn around with initiatives focused on reducing costs and improving performance, as well as a special committee f
Luby’s, in the midst of long-running turnaround effort, formed a new “board special committee,” the company announced this week.
The two-fold turnaround plan at Luby’s remains a work in progress, chief executive Chris Pappas said during Monday’s third-quarter review.
Luby’s closed 27 restaurants in the past year as it continues a challenging turnaround effort.
One of Luby’s messages throughout its recent proxy fight has centered on the notion that “we’ve been here before.” When the Pappas brothers began directing the company 18 years ago, they had to clo