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Luby's, Inc. (NYSE: LUB) reported third quarter financial results for the period ending June 2, 2021, under the liquidation basis of accounting following shareholder approval for liquidation. The estimated liquidating distributions are now projected at approximately $4.13 per share, a $0.15 increase from the previous quarter, attributed to successful real estate transactions and better operating results. Recent asset sales, including agreements to sell Luby's Cafeteria and Fuddruckers, could yield $28.7 million and $18.5 million, respectively. Liquidation is targeted for completion by June 30, 2022.
Luby's, Inc. (NYSE: LUB) announced an agreement to sell its Cafeteria restaurant business to an affiliate of Calvin Gin, including 32 Texas locations and the Luby's brand. The anticipated value of the transaction is approximately $28.7 million, primarily from the purchaser's assumption of Luby's liabilities. This sale aligns with Luby's liquidation plan approved in November 2020, aimed at selling assets and returning cash to shareholders. The deal is expected to close before the fiscal year's end, and most employees at the involved locations will likely retain their positions under the new ownership.
Luby's, Inc. (NYSE: LUB) announced an agreement to sell the Fuddruckers franchise operations to Black Titan Franchise Systems, an affiliate of Nicholas Perkins, for an estimated value of $18.5 million. This sale aligns with Luby's liquidation plan approved on November 17, 2020. Currently, there are 92 Fuddruckers locations across the U.S., with 13 already owned by Perkins. The transaction is expected to close in approximately 90 days and follows Luby's ongoing efforts to divest its assets and return cash to shareholders.
Luby's, Inc. (NYSE: LUB) announced its second-quarter financial results for the period ending March 10, 2021, under a liquidation basis of accounting following shareholder approval on November 17, 2020. Estimated future liquidating distributions are projected at approximately $3.98 per share, an increase of $0.16 from the previous quarter, due to actual asset realizations. Luby's continues operations with 58 cafeterias and 11 Fuddruckers while seeking sales for its businesses as part of the liquidation plan, expected to conclude by June 30, 2022.
Luby's, Inc. (NYSE: LUB) announced the completion of sales and franchising of certain Fuddruckers locations to Black Titan Holdings. This acquisition includes eight locations across Arizona, Texas, and Virginia, enhancing Black Titan's position as a major franchisee. The transition is expected to retain almost all employees and maintain business continuity at these sites. Additionally, Luby's continues its liquidation plan, with proceeds to be distributed to shareholders. The company expects further transactions to close shortly.
Luby's, Inc. (NYSE: LUB) announced the appointment of John Garilli as Interim President and CEO effective January 27, 2021, following the resignation of Christopher Pappas as part of the company's asset monetization strategy for shareholders. Garilli brings extensive experience in real estate and corporate liquidations. Currently, Luby's operates 58 cafeterias and 24 Fuddruckers. The company is pursuing sales of its businesses while continuing normal operations. Pappas remains on the Board and is the largest shareholder.
Luby's, Inc. (NYSE: LUB) announced its Q1 financial results for the period ending December 16, 2020, under a liquidation basis of accounting following shareholder approval on November 17, 2020. The estimated future liquidating distributions stand at approximately $3.82 per common share, subject to substantial uncertainties including public health crises and market conditions. The liquidation is projected to complete by June 30, 2022. Currently, Luby's operates 58 Cafeterias and 24 Fuddruckers while pursuing asset sales amid ongoing impacts from COVID-19.
Luby's, Inc. (NYSE: LUB) has entered a franchise agreement to sell 13 Fuddruckers locations to Black Titan Holdings, LLC, enhancing its franchise network. The transaction is anticipated to close within 90 days and aims to maintain business continuity and employment at the sites. The sale aligns with Luby's ongoing Plan of Liquidation and Dissolution, aiming to distribute net proceeds from asset sales to shareholders. CEO Nicholas M. Perkins expressed enthusiasm about the brand's future and committed to upholding its legacy.
Luby's, Inc. (NYSE: LUB) announces its Holiday Packages for Christmas, offering meal options starting at $69.95. Customers can also purchase individual sides and desserts. Gift card purchases of $250 or more provide a $20 bonus for January. Holiday orders must be placed 48 hours in advance, with the last pickup on December 24 at 4:00 p.m.. Luby's will close on Christmas Day but reopen on December 26. New menu items will debut in January at Fuddruckers, including the Frito Pie Burger.
