Texas plans to separate chain Luby and Fuducers

The company’s board members plan to declare on Tuesday, which includes selling assets and real estate and returning cash to shareholders.

Luby’s cafeteria dates back to 1947. The Texas chain serves comfort food, including Chicken Fried Steak, Roast Chicken and Rebars. Foodbreakers specializes in hamburgers. Both restaurants are suffering during the epidemic: At Of luby (LUB), Restaurant sales fell 75% in the quarter ended June 3 compared to the same period last year. At Foodbrookers, sales fell nearly 91%.

Luby had announced that it would go on sale in June. The liquidation plan is “the next logical step”, board members said in a statement.

“Our shareholders have expressed their support for exploring options to continue to operate the company’s restaurants in their current form, and we believe [liquidation plan] Will allow the company to carry out that task in the most efficient manner, ”he said, adding that the stockholder must approve the plan before proceeding.

As of June 3, according to the company’s most recent quarterly financial report, there were 76 Luby’s cafeteria locations and 31 Faducraker restaurants.