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Luby's, Inc. (NYSE: LUB) announced its Holiday Meal Packages, catering to home celebrations amid the pandemic. On Thanksgiving Day, 60 Luby's Cafeterias will be open from 11:00 a.m. to 7:00 p.m. Central. Customers can order Holiday Thanksgiving Packages through their local cafeterias, with Christmas orders due by December 21 for pickup on December 23. Luby's also offers gift items, including a cookbook priced at $35 and gift cards. The company emphasizes its commitment to guest service and high-quality meals during this festive period.
Luby's, Inc. (NYSE: LUB) announced that its stockholders approved a Plan of Liquidation during a special meeting, with over 99% voting in favor. The plan involves the sale of the company's assets—including Luby's Cafeterias and Fuddruckers—followed by the distribution of net proceeds to stockholders. The company's stock is anticipated to be delisted from the NYSE post-liquidation. Additional approvals included reducing the Board size and ratifying a 'poison pill' Rights Agreement. Luby's cautioned that asset sales and their corresponding values remain uncertain.
Luby's, Inc. (NYSE: LUB) announced that Institutional Shareholder Services (ISS) has recommended stockholders vote in favor of its Plan of Liquidation and Dissolution. ISS stated that the board conducted a thorough process and that dissolution is a reasonable alternative. The market has positively reacted to this plan, justifying support for the proposal. Additionally, ISS supports amendments to the Company's governance, including changes to director numbers and allowing stockholders to act by written consent. A special meeting is scheduled for November 17, 2020.
Luby's, Inc. (NYSE: LUB) has announced a plan of liquidation and dissolution, aiming to sell its assets and distribute the proceeds to stockholders. Following a strategic review, the Board of Directors approved the plan, believing it maximizes stockholder value. The asset sale includes Luby's Cafeterias, Fuddruckers, and Culinary Contract Services. Expected cash distributions for stockholders range from $92 million to $123 million, translating to approximately $3.00 to $4.00 per share. A special stockholder meeting will be held to seek approval for the plan and associated actions.
Luby's, Inc. (NYSE: LUB) reported its unaudited financial results for the third quarter of fiscal 2020, ending June 3, 2020. Restaurant sales fell by 78.9% year-over-year, totaling $13.8 million compared to $65.6 million in Q3 2019, primarily due to COVID-19 impacts. The company anticipates $9.2 million in property sales by August 2020. Operational changes improved margins, with positive store-level profit of approximately $1 million in June 2020. Luby's plans to pursue sales of its assets and distribute proceeds to shareholders.