Luby's to Liquidate, Stock Shoots Higher

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Luby’s  (LUB) - Get Report stock is up a whopping 99% Tuesday, after the restaurant chain announced it has decided to liquidate.

“The Board of Directors, after considering a number of strategic alternatives, has approved and adopted a plan of liquidation and dissolution that provides for the sale of the company's assets and distribution of the net proceeds to the company's stockholders, after which the company will be dissolved,” Luby’s said in a statement.

Luby’s includes Fuddruckers, Luby’s Cafeterias and Cheeseburger in Paradise. Luby's opened in 1947, with Bob Luby's goal to serve good, fresh food in a setting people would want to come back to.

Luby's is headquartered in Houston, Texas.

During the coronavirus pandemic, Luby's furloughed more than half of its corporate staff and cut the pay of its remaining staff. Luby's also received a PPP loan.

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