On Tuesday, the board of directors for the parent company of Luby and Fadruckers approved plans to end both restaurants. Luby Inc. could distribute approximately $ 92 million to $ 123 million to its stockholders, then dissolve the company.
According to the company’s statement, the liquidation plan can also result in a sale.
Luby operates eight restaurants in Dallas-Fort Worth, according to the website. Some lubies had already closed, such as the cafeteria on Mockingbird Lane near Abrams Road in East Dallas and the restaurant on Highway 67 in Duncanville.
The Fadruckers website lists seven restaurants in North Texas, though six have been marked as “temporarily closed” and the phone has been cut. The leftover Fudruckers restaurant in Rockwall was open as Sept 8.
Luby Inc. announced in a statement in June that it wanted to sell its assets. According to one news, Luby and Fudbrokers were “engulfed by the coronovirus epidemic”, road. A story in QSR The magazine – a trade publication leading to the quick-service and increasingly casual restaurant industry – says more than half of the corporate office was closed in March, and cut the wages of the remaining employees by 50% Went.
A spokesperson did not answer questions related to the liquidation and divestment plan.
Even before the Coronavirus epidemic, the company lost revenue.
The CEO and president of Luby is Christopher Pappas. He is the CEO and co-owner of the Texas company, which operates Papacco Seafood Kitchen, Papsito’s Cantina, Papas Bros Steakhouse and more.
Fadruckers was started in 1979 by Dallas restaurateur Phil Romano. His idea was to open a hamburger restaurant, which can compete with McDonald’s but offer a more dramatic experience at a higher price point.
“I said, ‘I’m going to make a bigger, better hamburger, take it [McDonald’s] When contacted Tuesday after the clown plan went public, Roman said, “go out and drink beer, and update it more.” Romeo is no longer involved in Fadruckers.
As the Fudcrackers grew in Texas, the restaurant followed a model established by Romano in the San Antonio native: employees grill burger meat on site and bake buns at home, carrying fragrant bread through the restaurant to serve customers Notice The restaurant’s signature features are an add-your-lettuce, tomato and onion bar and the famous squirt-your-cheese cheese sauce from Fudukreakers.
Lobia was also founded in San Antonio, although it began in 1947. In founder Bob Luby’s cafeteria chain, customers pick up casual meals such as miralaf, pot pie, fried ladyfinger and macaroni and cheese. Luby was known for its Luon platter – a small entrance, two sides and a roll.
It is not known whether the remaining Luby and Fadruckers restaurants in Dallas-Fort Worth will remain in operation.