That’s what Luby’s is doing.
Luby’s Inc. said Tuesday that it plans to liquidate its businesses and distribute the proceeds to its existing investors.
The Houston-based company had said in June that it was looking to sell its restaurants and assets.
Assets to be included in the proposed sale include Luby’s Cafeterias, Fuddruckers, real estate and the company’s culinary contract services business, it said. The company projects that it would receive between $92 million and $123 million in proceeds from its liquidation operations.
Luby’s said it values its property and equipment at $104 million. It had long-term debt of $57.3 million and obligations on operating leases of $22.7 million.